💨 Abstract

ArcelorMittal SA has received a R1.7-billion cash injection from the IDC, delaying the closure of its long-steel business and saving approximately 3,500 jobs in South Africa. The company cited high energy costs, logistics constraints, and an export-tax issue as reasons for potential closure. The funds are repayable by agreement, based on financial performance, and the company has made commitments to continue operation and retain jobs.

Courtesy: www.thesouthafrican.com

Summarized by Einstein Beta 🤖