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Africa|Business|Industrial|Steel
Africa|Business|Industrial|Steel
africa|business|industrial|steel

AMSA, IDC to amend deferral date under March facility agreement

AMSA production plant

Photo by Reuters

16th May 2025

By: Marleny Arnoldi

Deputy Editor Online

     

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Primary steel producer ArcelorMittal South Africa (AMSA) has entered into a letter of amendment with the Industrial Development Corporation (IDC) to refer to the correct deferral period for the closure of AMSA’s long steel business.

AMSA and the IDC in March announced an agreement whereby the IDC will provide a R1.6-billion facility to AMSA to defer the wind-down of its long steel business, including a plant in Newcastle, for an initial period of six months, from April 1 up to August 31 – the deferral period.

AMSA notes in a May 16 statement to shareholders that the deferral period should have been April 1 to September 30.

The IDC facility is part of a package of intended initiatives aimed at positioning the longs business for future sustainability and profitability.

AMSA agreed that the IDC may conduct due diligence during the deferral period while the company considers various strategic alternatives in respect of the business.

AMSA earlier this year said it would wind down its longs business after protracted talks with government, including on trade policy changes.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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