ArcelorMittal calls off a plan to close South African steel plant

03 Jul 2024 CW Team

ArcelorMittal's South African division has opted not to close its steel plant that manufactures rolled bars, instead focusing on developing a plan to ensure its viability, more than six months after initially announcing its intention to shut it down. In January, the world's second-largest steelmaker postponed the closure of the business for up to six months while engaging with government and labour to address profitability issues and prevent job losses. In a trading update, ArcelorMittal South Africa stated, "The board and management have decided that the longs (steel) business will continue to operate to allow an opportunity for the short, medium, and longer-term initiatives aimed at securing its sustainability to be fully explored." Located in Newcastle, KwaZulu-Natal province, the plant produces fencing material, rail, rods, and bars essential for sectors like construction, mining, and manufacturing. When the closure was initially announced last November, ArcelorMittal cited weak demand and ongoing infrastructure challenges in South Africa's most developed economy. The company also criticised policies favouring scrap metal over iron ore in steel production. ArcelorMittal South Africa highlighted improvements in electricity supply as well as efficiencies in ports and railways. The expiration of a steel scrap export ban in December 2023 has begun to level the playing field in input cost structures between integrated steelmakers like ArcelorMittal and scrap-based producers, according to the company. To support ongoing operations, the company secured a working capital facility of $54.29 million. Despite stable performance in its long steel operations during the six months ending June 30, ArcelorMittal anticipates increased losses due to challenging trading conditions and disruptions at its Vanderbijlpark furnaces, where flat steel products are manufactured.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..