<div id="readability-page-1">ArcelorMittal's (NYSE:MT) head of mergers and acquisitions is holding talks in South Africa with the country's top development finance institution and trade department about the potential sale of the company's local unit, Bloomberg reported Tuesday. The executive's presence is a sign that the discussions between the steelmaker and South Africa's In...</div>

<p>ArcelorMittal is in discussions regarding the potential sale of its South African unit, with talks involving the Industrial Development Corp. (IDC) and the trade department. The IDC has completed a due-diligence study and is considering a bid of approximately 8.5 billion rand ($488 million). The discussions aim to prevent the closure of two critical steel mills, which are vital for the automotive and mining sectors, amid challenges such as high power costs and low-priced imports.</p>

ArcelorMittal in talks over South Africa unit sale - Bloomberg