The company has successfully obtained an additional 12-month, secured working capital facility of R1 billion to support ongoing initiatives.
ArcelorMittal South Africa has decided to halt the closure of its long steel product operations at plants in Newcastle, KwaZulu-Natal, and Vereeniging, Gauteng, saving thousands of
“The increase in power generation in recent months, coupled with the renewable energy projects scheduled to come on stream over the next two years, suggests that the drag on economic growth caused by the electricity shortage should gradually diminish, facilitating structurally higher production levels.”and the electrical supply grid as they have shown positive growth. Renewable energy in the country brings opportunities for investors.
“Disappointingly, discussions with organised labour to reduce the costs structure of the longs business were unsuccessful, as the trade unions rejected all reasonable efforts to find a solution which would have assisted the competitiveness of the company and especially that of the longs business.
“Blast Furnace C returned to operation on 1 May following a three-week outage, and Blast Furnace D returned on 29 May after a five-week outage. As the business was preparing for a Q2 2024 shotcrete repair for Blast Furnace C, steel inventory levels had been increased.”
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