ArcelorMittal South Africa to close long-steel business, putting 3,500 jobs in jeopardy

ArcelorMittal South Africa Ltd. will close its long-steel products business, potentially impacting about 3,500 jobs due to unsustainable high logistics and energy costs and insufficient government policy intervention. The closure affects its Newcastle and Vereeniging Works, with steel production ceasing by month-end. The firm faces a significant challenge due to deteriorating markets and surging low-cost imports, particularly from China.