ArcelorMittal surges 5% on possible South Africa's business takeover bid 📈

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Shares of the Arcelor Mittal (MT.NL) surge more than 5% today, reaching the highest level since 2022 amid reports that South Africa’s Industrial Development Corp. (IDC) is weighing a 8.5 billion rand ($491m) takeover of ArcelorMittal South Africa’s operations after two years of negotiations. ArcelorMittal remains the world’s largest steelmaker, with facilities in 18 countries and sales across 160. IDC is a state-owned financier with a mandate to support industrial recovery in South Africa.

If the deal clears regulators, IDC plans to bring in international steel players as partners, with Networth Investments among those mentioned.
In 2023, ArcelorMittal SA warned of shutting down Newcastle and Vereeniging plants – critical suppliers for the automotive and mining industries, employing 3,500 staff and 100,000 suppliers.
High energy costs, weak rail links, and cheap imports pushed Amsa toward closures. IDC sees an acquisition as a way to stabilise and restart operations.
IDC is ready to repay ArcelorMittal loans and inject fresh cash. Several investors have already approached IDC about joint ventures or co-financing.

Arcelor Mittal (MT.NL, D1 interval)

Source: xStation5

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