Ongoing

  1. ElectionsHot
  2. US mid-termsHeating up
  3. AICooling
NewsbriefSouth Africa, briefly.
JoburgJHB29°69%
CTCT21°90%
PretoriaPTA33°75%
DurbanDBN30°20°

IDC agrees first deal to take over ArcelorMittal South Africa

Published

People familiar with the matter say the Industrial Development Corporation (IDC) offered about R3 billion in cash and would take on about R7 billion of debt, in a deal worth about R10 billion. ArcelorMittal South Africa (AMSA) declined to comment.

The same people said the deal needs a shareholder vote. They said the aim is to complete it by the end of the year.

AMSA shares rose by as much as 21% during trading in Johannesburg. That lifted the market value of the company to R1.3 billion.

The same people said the 10-year agreement with Likamva Resources, AMSA's local black economic partner, will end in early December. They said Likamva is unlikely to be part of the new ownership structure.

The IDC said it remains in talks with ArcelorMittal. It said the aim is "to find a lasting solution to the challenges facing the steelmaker with the objective of protecting South Africa’s vital steel-manufacturing capabilities".

Key facts

Who
Industrial Development Corporation (South African state-owned development-finance institution offering to take…); ArcelorMittal South Africa (local steel unit being taken over (AMSA)); Likamva Resources (local black economic partner in AMSA whose 10-year agreement will end in early…); Lakshmi Mittal (Indian billionaire whose LNM Holdings took control of AMSA (then Iscor) in 2003)
What
According to people familiar with the matter, the IDC offered a cash component of about R3 billion and will take on about R7 billion of AMSA's debt, with the deal subject to a shareholder vote and targeted for completion by year-end. AMSA declined to comment.
When
21 October 2026
Where
South Africa, Johannesburg, Vanderbijlpark
Status
Reported

Related stories

Elections Hot

What you need to know

Voting in the 2026 Local Government Elections is under way at 23,696 stations, and the Electoral Commission of South Africa (IEC) reported a smooth start on 4 November. Stations opened at 7am and close at 9pm, and by 10am preliminary figures showed 3,523,691 voters had cast ballots.

There were problems: unused ballot papers were stolen from Mnyameni Secondary School near Durban, police opened a case, and the IEC relieved the station staff of duty. Some voters in Tshwane said they were turned away for wearing party shirts, but the IEC denied this and said only mayoral candidates' entourages were barred.

ANC chairperson Gwede Mantashe told members not to query the results or discredit the IEC, while the IEC said false online claims show routine procedures as fraud.

  1. BOSA's Solomons flags one-ballot problem at Cape Town voting stations
  2. Mashatile urges new councillors to put voters first
  3. IEC dismisses MK Party worry about dead people on voters' roll

See every update

US mid-terms Heating up

What you need to know

Democrats won back both the US House and Senate in the midterm elections held on 3 November, according to media projections. Exit polls showed voters were angry about high prices and the direction of the country, and rebuked President Donald Trump.

Before the vote, US forces struck targets on Qeshm Island in Iran, while Republicans struggled to defend the war against Iran on the campaign trail. Iranian officials said US voters rejected the war, and Tehran stayed on high alert for possible new US strikes.

Markets reacted, with the dollar hitting a one-month low and the rand firming to around R16.55, as analysts pointed to fears of gridlock in Washington.

  1. Iran welcomes Democratic wins in US midterm elections
  2. Democrats win US Congress in midterm vote, projections show
  3. Ramaphosa wants US trade deal after AGOA suspension

See every update

AI Cooling

What you need to know

Nvidia has told its cloud computing clients to sell at least 51% of their services to non-Chinese companies, according to five people with knowledge of the matter. Anthropic said it has committed to spend close to $900bn on AI infrastructure, and that its computing costs are rising faster than its revenues.

Elsewhere, reports from unnamed sources say OpenAI's latest funding round is falling short of expectations, and a judge let the NAACP pollution case against xAI proceed. In South Africa, the VAST AI investment scheme went offline on 30 October after withdrawals marked approved did not arrive, according to a news investigation.

  1. Accenture faces accusations over AI report with false citations
  2. CrowdStrike to buy two AI security startups
  3. Google lets schools turn off AI tools but limits Search

See every update