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A group of South African steel processors is in discussions with the state-owned Industrial Development Corporation (IDC) on a proposal that could help take control of ArcelorMittal South Africa (AMSA), as stakeholders look for a sustainable path for the struggling producer. The industry group is said to include six members, including labour unions and a local steel processor, and talks are described as private and ongoing.
The move comes as AMSA remains central to downstream supply chains, with past closure plans affecting facilities that produce grades used in key sectors such as automotive and mining. The IDC—AMSA’s second-largest shareholder at around an 8% stake—has previously supported the company and has signalled interest in increasing its holding to help protect domestic industrial capacity.
Under the structure being discussed, the IDC would provide financing and lift its equity position, while ArcelorMittal could retain a stake for a limited period. Any transaction may also involve asset revaluation following earlier valuation disagreements.
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