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✅ ArcelorMittal seeks ₹1,500 crore to support South African mills.
✅ Financial strain driven by weak demand and rising costs.
✅ Government intervention may prevent plant closures and job losses.
Johannesburg: ArcelorMittal, the world’s largest steelmaker, has reportedly sought financial assistance of ₹1,500 crore (approximately $180 million) to save its struggling South African mills. According to sources, the company is facing mounting losses due to weak demand, high input costs, and operational challenges.
The request comes as ArcelorMittal’s South African unit reported a net loss for the past three quarters, raising concerns about the viability of its operations. The company has approached the South African government for a bailout to prevent potential plant closures and job losses.
An insider familiar with the matter stated, "ArcelorMittal is in urgent need of financial support to sustain operations and avoid disruption in the domestic steel supply chain."
The South African steel industry has been under pressure due to cheap imports and declining infrastructure spending. The company’s management is reportedly in talks with government officials to secure the funding and explore restructuring options.
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