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Government's 'Soviet-style' bid to reform steel tariffs won’t save ArcelorMittal SA
South Africa's government is reviewing steel import tariffs in a bid to support ArcelorMittal South Africa, which recently secured a R1. 7 billion loan to delay the shutdown of its Long Steel Business.
ArcelorMittal defers long steel plant closure with R1. 6bn State support
ArcelorMittal South Africa has secured a R1. 6 billion lifeline from the Industrial Development Corporation, postponing the closure of its struggling long steel operations until August. The bailout temporarily saves 3,500 jobs, but industry experts remain divided on whether this six-month reprieve will lead to long-term viability for the steelmaker
Government steps in to save South Africa's struggling steel industry
The South African government is in urgent negotiations with ArcelorMittal South Africa to prevent the closure of key steel manufacturing plants, offering substantial financial support and industry reforms to protect thousands of jobs and maintain domestic steel production capacity.