ArcelorMittal “and the Industrial Development Corporation are engaged in advanced discussions to find a sustainable solution based on a non-binding term sheet regarding a potential transaction,” the steelmaker’s local unit, ArcelorMittal South Africa Ltd, or AMSA, said in a stock exchange statement on Thursday. Late last year, discussions between the parties fell apart without a deal after ArcelorMittal rejected an informal proposal of about 8.5 billion South African rand (RM2.11 billion), which would have included the repayment of seven billion rand in debt to the South African unit’s parent. They, and another person involved in the talks, declined to say what ArcelorMittal is being offered. AMSA has now closed the two steel mills and an iron ore mine. The IDC sees its mills as crucial to the nation’s industrial sector.

Source: The Edge Markets January 22, 2026 07:49 UTC