Arcelor’s South Africa Assets Get Approach From Steel Processors

South African steel processors have approached the country’s biggest development-finance institution with a proposal to help take control of ArcelorMittal SA’s struggling local unit.

The industry group, which has six members including labor unions, made a proposal to the state-owned Industrial Development Corp. and includes local processor Allied Steelrode (Pty) Ltd., according to people familiar with the matter.