AMSA may initiate wind down of longs unit well ahead of Sept deferral deadline

ArcelorMittal South Africa (AMSA) says it may begin taking operational steps to prepare for the wind down of its beleaguered long-products business well ahead of the current September 30 deadline – a timeframe set after the Industrial Development Corporation (IDC) extended a R1.68-billion interest-free loan on March 31 to defer its closure by six months. In a trading statement, the JSE-listed company reported that the IDC facility had been fully drawn down to enable the longs business to continue to operate and fund its working capital and associated financial needs to the end of September.