Cosatu welcomes R1.6-billion loan to ArcelorMittal SA

VEREENIGING - Cosatu has welcomed the government’s effort to keep ArcelorMittal South Africa’s two key steel mills in Newcastle and Vereeniging operational. This is as the company has deferred the decision to wind down its long steel business by at least six months, to August 31st, as it has received a R1.68-billion loan from the government’s Industrial Development Corporation. Cosatu’s spokesperson, Zanele Sabela, says it is also glad that ArcelorMittal has received a Temporary Employee Relief Scheme grant to assist in funding employee costs.