ArcelorMittal seeks ₹1,500 crore to save South African mills

ArcelorMittal South Africa is seeking a 3.1 billion rand (about ₹1,500 crore) rescue package to prevent the closure of its steel mills. This closure would result in 3,500 job losses. The company is requesting funds from the Industrial Development Corp, which owns a 6.4% stake in ArcelorMittal South Africa. Previous rescue talks with the government have not succeeded, and the company faces high operational costs and competition from cheaper imports. ArcelorMittal South Africa had postponed the planned shutdown of its Vereeniging and Newcastle facilities from January to March to fulfill orders. The government previously provided 380 million rand to support operations, and the company is also seeking funds to cover affected workers' salaries.