07 Apr IDC Provides Funding to Support Long-Term Solution for ArcelorMittal South Africa’s Long Steels Business
01 April 2025 – The Industrial Development Corporation of South Africa (IDC) has entered into an agreement to provide ArcelorMittal South Africa (AMSA) with an additional facility totalling R1.683 million. This funding will support the deferral of the winding down of AMSA’s Long Steels business while a viable and sustainable long-term solution is sought.
The IDC facility, subject to certain conditions precedent and undertakings by AMSA regarding the continued operation of the Long Steels business and retention of jobs during the deferral period, is repayable by agreement between the parties and contingent on the financial performance, solvency, and liquidity of the Long Steels business.
This strategic delay allows for a comprehensive evaluation of viable solutions to the challenges faced by AMSA’s Long Steels business.
The IDC’s principles and response are rooted in supporting entities and solutions that promise long-term viability, drive economic growth, and stimulate competition. In line with these principles, the IDC remains committed to collaborating with all relevant stakeholders to find a sustainable and lasting solution that will benefit AMSA, its employees, the broader community, the steel industry, and the South African economy.