ArcelorMittal South Africa, the biggest steel manufacturing company in the country, will probably have to do more than sell its 50% shareholding in the Macsteel shipping and distribution business if it is to help its business survive in the long run and return to profitability. The company said on Wednesday that it was reviewing its portfolio and looking at asset sales to reduce costs. Amsa suffered a R5.1-billion loss for the year ending in December 2017. Steel demand has been at its lowest level since 2010 and despite a 10% duty protection from the government, there were still cheap Chinese imports entering the country, Amsa said.A person close to the company, who did not want to be named, said a potential buyer could be Southern Palace Group, a small black-owned industrial company that has investments in steel, manufacturing and infrastructure and which had shown interest in acquiring the whole Macsteel business in the past. "With a 50% stake on the table, they might be intereste...
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