Highveld Steel’s structural Mill sold
The company, majority-owned by ArcelorMittal, had a manufacturing agreement with parent company Highveld Steel, supplying steel products to HSM for processing into heavy structural steel, and an option to purchase HSM
ArcelorMittal’s South Africa business bought steelmaker Highveld Structural Mill (HSM) for R300 million.
The company, majority-owned by ArcelorMittal, had a manufacturing agreement with parent company Highveld Steel, supplying steel products to HSM for processing into heavy structural steel, and an option to purchase HSM.
“The structural mill is the only facility of its kind in Africa with the ability to produce structural steel, including material for railway lines. This is a unique position to supply markets locally and in the African region,” it said in a statement.
ArcelorMittal’s South African unit said it will pay R150 million in cash and a further R150 million after a payment trigger, which it will fund from new borrowings and internal sources.
