- ArcelorMittal (NYSE:MT) reportedly has asked South Africa's government to impose a 10% import duty on steel, and in return it may offer shares to black empowerment partners.
- MT shares are trading near their lowest levels in more than a decade, and the world's top steel producer has said South Africa's high labor costs, poor rail infrastructure and slowing economy have forced it to consider cutting back operations and jobs.
- MT is expected to decide by the end of July on the future of its Vandebijlpark operations outside Johannesburg, its biggest loss-maker, which employs 4,500 workers.