💨 Abstract

ArcelorMittal, South Africa's steel producer, has confirmed the full closure of its operations by Q2 2025, affecting 3500 direct jobs. The decision was made due to increasing costs, particularly electricity and logistics, and lack of government intervention. The shutdown is unfavorable as it coincides with potential US sanctions and AGOA trade benefits suspension.

Courtesy: www.thesouthafrican.com

Summarized by Einstein Beta 🤖