R10 billion deal to buy South African steel giant

South Africa's largest development-finance institution has reached a R10 billion deal to acquire ArcelorMittal SA's South African unit, marking a significant industrial intervention by the government. The transaction would effectively place a key industrial asset under state control, raising questions about the future of the steel industry in the country. As the deal closes, the development financier will begin a strategic review of the businesses, potentially seeking industry partners to operate or invest in specific divisions.