Steel mill Saldanha Works, conceived as a public mega-project for the smelting of steel in the South African apartheid will be closed for "loss of financial stability".
South African unit ArcelorMittal today announced the closure of the Saldanha Works capacity of 1,2 million tons of steel a year despite receiving state support.
General Director of ArcelorMittal South Africa's Kobus Verster explained that Saldanha Steel is no longer financially sustainable enterprise.
Verster said that the right of ownership of the Saldanha Steel will remain for ArcelorMittal, and that the staff will continue to serve stop shop to be able to resume production "at some point in time ... if there is some kind of miracle".
the Minister of trade and industry South Africa Ebrahim Patel urged ArcelorMittal to reconsider its position and consider selling the Saldanha steel mill is closed.
