Lakshmi Mittal restarts South Africa steel exit talks

Lakshmi Mittal restarts South Africa steel exit talks

Lakshmi Mittal, the steel tycoon who built ArcelorMittal into the world’s largest steelmaker, is again weighing a deal to step away from South Africa’s struggling steel business, reopening negotiations with a state backed lender after months of deadlock.ArcelorMittal South Africa said it is in advanced discussions with the Industrial Development Corporation, known as the IDC, on a potential transaction based on a non binding term sheet. The comp…