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AMSA secures R4.5bn funding facility

Arcelor Mittal South Africa (AMSA) has secured a R4.5-billion revolving structured commodity trade finance facility, which will allow the steel manufacturer to finance its working capital as part of its balance sheet restructuring.

CEO Wim de Klerk said in a statement that the company had previously explored options to strengthen its balance sheet, noting that the 36-month tenor deal with Deutsche Bank, Absa Bank and other lenders would allow its Saldanha Steel subsidiary to continue operations.

Source : Engineering News