ArcelorMittal South Africa reported Friday that it has secured the 240,000 metric tons of steel needed to supply its customers after a structural failure at its gas plant on August 5.
The accident is expected to slash production from the Newcastle longs mill in South Africa--the largest long products producer in the country--by 400,000 metric tons. As a result, the company plans to raise long product prices by about $43/metric ton in October.