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European steel manufacturing multinational ArcelorMittal will shut down its plant in South Africa.
It said the move, which could affect 3,500 jobs, became necessary due to high operating costs and insufficient policy interventions.
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ArcelorMittal’s facilities produce construction and mining materials, including rails and rods. Plans to cease operations had been in the works since last year.
The South African Iron and Steel Institute blamed “a surge in dumped imports” as one of the pressures on the local steel industry that pushed down production. But many analysts point to the effects of poor power supply and lax government policy.
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