ArcelorMittal South Africa ArcelorMittal SA, the Gauteng-based steelmaker partly owned by South African businesswoman Noluthando Gosa, is moving closer to shutting down its long steel division. The pause comes as talks with the state-owned Industrial Development Corporation IDC over the divisions value remain unresolved.
Reports indicate that offers of up to R7 billion 398.6 million have been made, but ArcelorMittal SA is seeking a higher price. The IDC, which holds an 8.2 percent stake, is the companys second-largest shareholder after Luxembourg-based ArcelorMittal. With due diligence set to finish on Sept. 30, it remains uncertain whether a deal can be reached in time.
Crisis in South Africas steel chain