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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 South Africa secures a six-month deferral for its Long Steel Business, promising job retention and urging governmental solutions to longstanding industry issues.
The move would leave the country unable to produce its own virgin steel and entirely dependent on imports
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.
Industry experts express concerns over the tight deadlines for South Africa's steel tariff review, warning that the proposed measures could lead to significant economic repercussions.
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.