ArcelorMittal (MT) has restarted talks on selling its operations in South Africa with the country's Industrial Development Corp. expected to submit a nonbinding bid, Bloomberg reported Wednesday, citing people familiar with the matter.

Last year, ArcelorMittal rejected an informal proposal of 8.5 billion rand ($523 million) from the IDC, the report said.

ArcelorMittal has closed two steel mills and an iron ore mine in the country, with its mill in Vanderbijlpark still producing steel sheets and other products, while other plants have been idled, the report said.

ArcelorMittal and the IDC didn't immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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