VANDERBIJLPARK - ArcelorMittal South Africa has turned down a R19-billion buyout proposal from local firm Networth Investments, which aimed to revitalize South Africa's steel sector with green technology and profitable stainless-steel production. Networth CEO Harold Vermaak outlined a vision to transform AMSA by moving from low-value products to higher-value stainless steel. He planned to fund the initiative through vendor finance agreements with Italian and German steel companies, targeting reopening AMSA’s Saldanha Steel plant and introducing export-focused carbon steel products. However, AMSA’s spokesperson stated that the correspondence received from Networth Investments does not reflect a firm or bona fide offer. Despite AMSA’s rejection, Vermaak continues discussions with government stakeholders. He believes that consolidating South Africa’s steel assets could drive economic growth by 1.5% per year, create jobs, and boost exports of green steel to China by 2028. AMSA recently reported a billion-rand loss, attributing it to global steel market downturns, rising local costs, and increased export duties.

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