South Africa’s IDC is considering a R8.5bn bid for ArcelorMittal’s operations, ending two years of negotiations. The acquisition could attract global steel companies to South Africa, with plans to involve strategic investors. Discussions are ongoing with potential partners to manage facilities, including two steel mills critical to the automotive and mining sectors. The bid, primarily funded by IDC, aims to repay a loan and includes a cash component. IDC has a six-month due diligence agreement with ArcelorMittal. ArcelorMittal attributes mill closures to high costs, unreliable services, and government policies favoring competitors. No final decisions have been made, but a transaction might occur.

Read more at Yahoo Finance: IDC evaluates $491m bid for ArcelorMittal’s South Africa operations