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September 23, 2008
Steel group denies buyout report
THE world's biggest steel group, ArcelorMittal, denied reports that it plans to buy the 48% of its South African operations it does not own, but it may be looking to buy up to 25% to meet its black economic empowerment obligations.
ArcelorMittal SA's current market capitalisation is just under R80 billion, so its BEE deal may be worth R20bn if it aims to get full marks in the Department of Trade and Industry's scorecard by selling 25% of its South African operations to BEE partners.
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Posted by StaffWriter at September 23, 2008 7:23 AM