ArcelorMittal's (MT) head of mergers and acquisitions Ondra Otradovec is in discussions with South African government-owned Industrial Development Corp., or IDC, for the sale of the steelmaker's local unit, Bloomberg reported Tuesday, citing sources familiar with the matter.

The presence of the company executive is an indication that talks are accelerating, the sources said.

The IDC, which is considering a potential bid of around 8.5 billion South African rand ($488 million) for ArcelorMittal South Africa, is also planning to seek a partner to financially support the bid, the sources told Bloomberg.

South Africa's Department of Trade, Industry and Competition also participated in the discussions, according to the report.

ArcellorMittal did not immediately reply to a request for comment from MT Newswires.

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