ArcelorMittal: AMSA defers longs business closure as it receives R1.68bn in IDC support

Steel producer ArcelorMittal South Africa (AMSA) has announced that the wind down of its long steel business will be deferred for an initial period of at least six months, to August 31, after securing a R1.68-billion facility from the Industrial Development Corporation of South Africa (IDC). The IDC facility is repayable by agreement between the parties and subject to, besides others, the financial performance, solvency and liquidity of the AMSA longs business.