ArcelorMittal, South Africa Near Funding Deal to Save Mills

South Africa is nearing a deal to provide funding to ArcelorMittal SA’s local unit and ensure its steel mills, which are crucial for the nation’s economy, remain open, people with knowledge of the matter said. The unit’s shares rose.

The government plans initial support of about 500 million rand ($28 million) specifically to pay steelworkers over a period of six to eight months, said the people, who asked not to be identified because the information is private.