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.
Price: 31.92, Change: -1.14, Percent Change: -3.45
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.