[miningmx.com] – ARCELORMITTAL would subscribe for R3.6bn worth of shares in its South Africa subsidiary, ArcelorMittal South Africa (AMSA) in terms of the firm’s R4.5bn rights offer.
AMSA announced today that the Luxembourg-based parent company had bought about 342 million shares worth R2.2bn in terms of the rights offer which had a total take-up of 68% of the total offer. ArcelorMittal would also buy a further 220.7 million shares in AMSA worth R1.4bn in terms of its agreement to underwrite the rights offer.
AMSA has shut operations and set about a recapitalisation of its balance sheet as part of a larger effort to put itself on a firmer standing and restore its profitability.
