Deals·October 21, 2026 at 9:14 AM EDT·1 source
IDC Nears Deal for Control of Billionaire Lakshmi Mittal’s South Africa Unit
MT -1.2%
MT · last 30 trading days-5.9% since the news
News
acquisition, log scale$610M
$100M$1B$10B$100B
What happened
- South Africa’s Industrial Development Corporation reached an initial agreement with ArcelorMittal SA to take control of the steel company’s South African unit.
- The deal is worth about 10 billion rand, or $610 million, according to people familiar with the matter.
Deal value
about 10 billion rand
Deal value in dollars
$610 million
Why it matters
The transaction could alter ownership of a major South African steel asset and is relevant to industrials M&A and development-finance professionals.
Deal terms
acquisition
Industrial Development Corporation → ArcelorMittal SA’s South African unit
Value
$610M
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Who is involved
acquiringIDC Nears Deal for Control of Billionaire Lakshmi Mittal’s So…ArcelorMittal SA’s South African unitMT · targetIndustrial Development CorporationbuyerLakshmi Mittal
CompanyPersonThe deal
Sources (1)
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