Steel maker ArcelorMittal seeks ₹1,500 crore to save South African mills: Report

According to Bloomberg, which cited the Sunday Times, the South African division of Indian steel producer ArcelorMittal is requesting a rescue package worth 3.1 billion rand, or around ₹1,500 crore, in order to prevent the shutdown of its steel facilities in the nation.

The company is seeking the funds from Industrial Development Corp, a national finance institution that holds a 6.4% stake in ArcelorMittal South Africa. The rescue package would prevent the complete shutdown of the company's long-steel Vereeniging and Newcastle facilities.

The Sunday Times said that approximately 3,500 direct and indirect employment would be lost as a result of the mills' shutdown, which was originally planned for the second quarter.