ArcelorMittal May Get $491 Million IDC South Africa Unit Bid
ArcelorMittal, the world's largest steelmaker, may sell its South African unit to the country's top development finance institution for an estimated 8.5 billion rand ($491 million). The potential transaction is being facilitated by financial advisers working with the development finance institution. The sale would give the institution control over ArcelorMittal's operations in South Africa. The move comes as ArcelorMittal aims to streamline its global portfolio and focus on more profitable markets. The sale, if completed, would mark a significant shift in the ownership structure of the South African steel industry, with a state-backed institution taking over a major player in the market. The details of the potential deal are still being finalized, and the transaction is subject to regulatory approvals.
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