Latest News & Developments
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.
Neasa has condemned ArcelorMittal's R1. 68 billion bailout, labelling it a mere delay of the inevitable closure of its Long Steel Business. With 3,400 jobs on the line, experts question whether government intervention is merely prolonging the company's decline at taxpayers' expense.
ArcelorMittal South Africa announces a six-month deferral of the wind down of its Long Steel Business, bringing hope to the Newcastle community and preserving thousands of jobs
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
Facing financial turmoil, ArcelorMittal South Africa hopes the ITAC's tariff review will provide crucial support for the struggling steel industry and safeguard thousands of jobs.
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.
In a bid to avert a crisis, the South African government pledges R417 million to support nearly 3,000 ArcelorMittal workers as negotiations to prevent steel mill closures intensify.