ArcelorMittal SA, South Africa-based subsidiary of global steel giant ArcelorMittal, has called off the acquisition of Imperial Crown Trading (ICT) worth R800 million ($101.02 million). A spokesperson from ArcelorMittal confirmed that the company is no longer buying ICT.
The announcement was made following ArcelorMittal's decision not to proceed with the Black Economic Empowerment (BEE) program. ArcelorMittal had announced the acquisition of ICT to recover the rights of a 21.4 percent undivided share in the Sishen iron ore mine which were granted to ICT.
ArcelorMittal also stated that it cancelled the BEE deal due to a failure to agree on the terms of extending the pre-deal period.