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South Africa moves towards $610 million takeover of Lakshmi Mittal’s struggling steelmaker as state-owned IDC prepares to assume $430 million debt

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South Africa moves towards $610 million takeover of Lakshmi Mittal’s struggling steelmaker as state-owned IDC prepares to assume $430 million debt

South Africa is moving towards a $610 million state takeover of ArcelorMittal’s struggling local steel business, potentially ending years of negotiations over the future of one of the country’s most important industrial companies.

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