Around 3,500 jobs will be affected after weak economic conditions, high costs and Chinese steel imports weighed on the company.

ArcelorMittal to close long-steel business in South Africa, citing losses from economic conditions, high costs and Chinese steel imports.

Steel producer ArcelorMittal South Africa's shares fell more than 15% on Monday after the company said it would proceed with the closure of its loss-making long steel business.

Steel producer ArcelorMittal South Africa Ltd announced on Monday that it is shutting down its loss-making long steel busi

The company said steel production will likely cease by the end of the month and it has yet to determine the final number of job losses.

Johannesburg, Jan 6 (PTI) ArcelorMittal South Africa Limited (AMSA), the local subsidiary of Indian-born British steel magnate Lakshmi Mittal, will cease operations at its long steel plants in the country, impacting over 3,500 jobs.

Steel production at the facility is set to halt by the end of January 2025, with the closure of remaining operations planned in the first quarter (Q1).

Steel producer ArcelorMittal South Africa, a unit of Luxembourg-based ArcelorMittal, is to wind down its long-steel business, impacting 3,500 jobs, the company announced on Monday. The decision follows sustained challenges,

ArcelorMittal’s MT division, ArcelorMittal South Africa, has decided to wind down its Longs Business after facing continuous challenges like weak economic growth, high logistics and energy costs, and an influx of low-cost steel imports from China.