ArcelorMittal, govt near deal to save mills

South Africa is nearing a deal to provide funding to ArcelorMittal SA's (Amsa) local unit and keep the steel mills open, which are crucial for the nation's economy, people with knowledge of the matter said.

- Bloomberg

The government plans initial support of about R500 million specifically to pay steelworkers over six to eight months, said the people, who asked not to be identified because the information is private.

It is also discussing additional bridge financing through the state-owned Industrial Development Corporation (IDC), which will then raise its stake in the company from its current level of 8.2%, they said.