ArcelorMittal SA shares plunge 30% following Long Steel Business closure

VANDERBIJLPARK - ArcelorMittal South Africa’s shares dropped by 30% after announcing the closure of its Long Steel Business, which will lead to job losses in Newcastle and Vereeniging. According to News24, the company says the shutdown could have been avoided if the government addressed its concerns, including issues with the country’s scrap policy. The closure will result in R2.7-billion impairments but allow the company to focus on its flat steel division. Despite notifying the government about its decision, the company has not received any feedback.