ArcelorMittal South Africa gets USD350 million loan

ArcelorMittal

ArcelorMittal South Africa said it has gotten ZAR4.5 billion.

ArcelorMittal South Africa said the approximately USD350 million revolving credit facility will be used to finance its working capital requirements, the firm said on Wednesday.

The company is battling low prices of cheap steel imports which are harming its business.

Chief Executive Wim de Klerk told Reuters that “…a revolving structured commodity trade finance facility has now been concluded by ArcelorMittal South Africa and its subsidiary, Saldanha Steel with Deutsche Bank, Absa Bank (Barclays Africa Group) and other lenders,”

ArcelorMittal South Africa said the 4.5 billion rand facility will have a 36-month tenor.

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