# ArcelorMittal South Africa has deferred the decision to wind down its long steel business by at least six months, to August 31st. This as it has received a 1.68-billion-rand loan from the government’s Industrial Development Corporation. The company has also received a Temporary Employee Relief Scheme grant to assist in funding employee costs. The steelmaker was looking to close its long steel operations in Newcastle and Vereeniging. ArcelorMittal says this government intervention will assist in keeping its long steel business operational while a viable long-term solution is being sought.
ArcelorMittal defers long steel business closure due to a R1.68-billion loan from government