South Africa's Industrial Development Corporation is close to taking control of ArcelorMittal South Africa in a deal worth about R10bn including debt, Bloomberg and News24 reported on 21 October 2026.
Deal terms and financing
According to News24, the IDC would pay about R3bn in cash and take on about R7bn of debt. Bloomberg reported that the parties had reached an initial agreement and aimed to complete by the end of the year.
Regulatory approvals and timing
Any deal would require a vote by ArcelorMittal South Africa shareholders.
Market context
The IDC has previously lent ArcelorMittal South Africa R1bn and R1.68bn. In September an earlier IDC offer of about R3bn for 80% was reported to have stalled over the company's black economic empowerment partner.
Sources
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