ArcelorMittal, IDC Reopen Deal Talks for South Africa Mills

ArcelorMittal SA and South Africa’s biggest development-finance institution have resumed talks over the potential acquisition of the Luxembourg-based steel giant’s operations in the African country, after failing to lure other suitors.

ArcelorMittal “and the Industrial Development Corporation are engaged in advanced discussions to find a sustainable solution based on a non-binding term sheet regarding a potential transaction,” the steelmaker’s local unit, ArcelorMittal South Africa Ltd., or AMSA, said in a stock exchange statement on Thursday. Bloomberg earlier reported the resumption of talks.