ArcelorMittal South Africa eyes $220 million Macsteel windfall

ArcelorMittal South Africa eyes $220 million Macsteel windfall
ArcelorMittal’s South African unit agreed to sell its half of steel trader and shipper Macsteel International Holdings BV to a company founded by South African steel billionaire Eric Samson, which owns the other 50%.

Macsteel Holdings Luxembourg SARL will pay $220 million for the stake, ArcelorMittal South Africa Ltd said in a statement Monday. That’s more than the Johannesburg-traded company’s market capitalization of about $197 million.

Samson, who made his fortune in steel and real estate assets through his Macsteel holding company, was in 2015 valued at $1.1 billion, according to the Bloomberg Billionaire Index. He’s valued at at least $1 billion, according to researcher Wealth-X’s website.

AMSA, as the South African company is known, said the sale of its holding in Macsteel International will help raise cash to strengthen its balance sheet. The funds will also be used for working capital and other investments, the Vanderbijlpark-based steelmaker said in a statement. Read More

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