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BL Premium reports that SA’s largest steel manufacturer, ArcelorMittal SA (Amsa), has delayed closing its ailing long-steel business for a month to allow further talks with the government on rescuing it.
The JSE-listed group, which received a R380m interest-free loan from shareholder the Industrial Development Corporation (IDC) for the delay, is expected to make an announcement in the second half of February. “No meaningful improvement in the domestic steel market is anticipated for the next six months. Consequently, actions by the SA government to support the industry and protect it against unfair trade and policy practices are vital,” Amsa indicated. The company Amsa added: “The longs business will only continue with financial support as the company does not have the appetite to bear any financial risk associated with the continued operations of that business.” The delay is aimed at enabling the fulfilment of the higher-than-expected outstanding order book, prioritising automotive and seamless tube customers. Amsa has reported a wider annual loss than in the previous period as the company and the steel industry faced their greatest challenge since the financial crisis of 2008/09. “Pending any further clarity around the future of the longs business, a notice in terms of the Labour Relations Act has been issued and the consultation process regarding the contemplated large-scale retrenchment process as detailed in the January 6 2025 announcement, has commenced,” Amsa advised.
- Read the full original of the report in the above regard by Michelle Gumede & Jacqueline Mackenzie at BusinessLive (subscriber access only)
- Read too, ArcelorMittal delays closing of long steel business for a month, at The Citizen
Get other news reports at the SA Labour News home page