ArcelorMittal (MT) will receive funding of 417 million South African rand ($22.9 million) from the South African government under a temporary relief scheme to sustain 2,982 employees over the next 12 months, the Department of Trade, Industry and Competition said Wednesday.

Under the deal, the steelmaker is required to participate in a turnaround and recovery program known as Productivity SA, according to the government department.

The department said these measures aim to safeguard South Africa's steel sector and maintain its industrial capabilities, rather than offering direct financial assistance to ArcelorMittal.

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