South African steelmaker ArcelorMittal South Africa has announced that it filed safeguard duty applications for bar and rod, rebar, hot rolled coil (HRC), cold rolled coil (CRC) and plate imports in December. The company said that the final decisions are expected in early 2016.
The South African government has already imposed 10 percent custom duty on wire rod and rebar effective from December 18, in response to ArcelorMittal South Africa’s application.
Additionally, ArcelorMittal South Africa stated that it will use ZAR 3.2 billion ($199 million) of a ZAR 4.5 billion ($279.5 million) rights issue to reduce debt and will use the remainder for company operations.