South Africa’s Industrial Development Corporation (IDC) reached an initial R10 billion agreement to take over ArcelorMittal South Africa (AMSA).
The deal comprises approximately R3 billion in cash and the assumption of R7 billion in accumulated debt, placing the country’s largest steelmaker under state control, subject to a shareholder vote targeted by year-end.
The intervention resolves negotiations initiated in November 2023 when AMSA announced plans to close two steel mills vital to local automotive and mining sectors. Following the transaction, the IDC intends to conduct a strategic review and potentially seek industry partners for specific operations.