×

We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

ArcelorMittal South Africa's empowerment partner, Likamva Resources, is willing to increase its stake in Africa's biggest steel producer. This is despite the prospect of asset sales and other restructuring plans to boost business in a global market flooded with cheap steal, and a domestic market in its second recession in less than a decade. Noluthando Gosa, a partner at Likamva, said the firm would not hesitate to reinvest, increasing its 17% stake in the loss-making business. The last time ArcelorMittal SA (Amsa) made a profit was in 2010. Imports from China Gosa added that if resources and funds permitted it, Likamva would inject the capital needed to help the company. However, she said, the company had not asked shareholders to do so. Last month, Amsa - which produces about 70% of South Africa's steel - reported a 3.8% fall in the country's steel consumption in the first half of the year in the wake of subdued economic growth and large steel imports from China. Since a peak in J...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.