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BRIEF-ArcelorMittal S.Africa concludes contract manufacturing deal with Highveld
December 22, 2016 / 10:06 AM / 9 months ago

BRIEF-ArcelorMittal S.Africa concludes contract manufacturing deal with Highveld

Dec 22 (Reuters) - ArcelorMittal South Africa Ltd :

* Conclusion of contract manufacturing agreement between ArcelorMittal SA and Highveld Structural Mill Proprietary

* A contract manufacturing agreement has now been concluded between Arcelormittal South Africa, Highveld and HSM

* This will result in re-opening of Highveld heavy section mill by business rescue practitioner

* Re-opening of heavy section mill is a positive development and will result in added benefit of creating further jobs

* Application that has been submitted to International Trade Administration Commission in this regard will need to be finalised

* Agreement will operate for an initial period of two years with an option to extend for a further period of one year

* Detail regarding implementation is being finalised but it is envisaged that heavy sections mill will begin operations in 2017

* Has an option to purchase business of HSM and land or shares in HSM Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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