The government is pulling out all the stops to keep ArcelorMittal SA’s (Amsa) long steel business afloat with the state-owned Industrial Development Corporation (IDC) coming to the rescue of the unit with a nearly R1.7bn cash injection — making serious concession to the company’s demands.

Amsa, which has lost 87% of its market value in the past three years, said on Monday that the IDC cash injection would defer the closure of its long steel plants in Newcastle, Vereeniging and Mpumalanga, a move that would have led to 3,500 job losses...

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