R1 billion bailout on the cards to save 100,000 jobs in South Africa

BusinessTech

Government to provide R1 billion bailout for ArcelorMittal South Africa (AMSA) as it closes Longs Steel business, affecting 3,500 jobs. Structural issues cited, potential for 100,000 job losses in steel sector. Shutdown of Longs steel plants could impact local manufacturers and economy. Rescue package in the works for AMSA’s steel mills.

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