The world's largest integrated metals and mining company ArcelorMittal is reportedly planning to take full control of its South Africa-based steelmaking subsidiary ArcelorMittal South Africa.
According to market reports, the company is preparing to make a bid worth $5 billion for the outstanding 48 percent stake in the South African unit, in addition to the already owned 52.02 percent interest.
Under South Africa's Black Economic Empowerment (BEE) procedures, the company has to obtain support from local investors.
Meanwhile, parent company ArcelorMittal has confirmed that it is currently contemplating a transaction involving the introduction of BEE into ArcelorMittal South Africa. The company has added, "There is no guarantee that the transaction will be forthcoming. We will update the market if and when appropriate."