South African steel crisis: Neasa condemns R1. 68bn ArcelorMittal bailout as 'inevitable failure'

By Mthobisi Nozulela | Published 48m ago

Neasa has condemned ArcelorMittal's R1. 68 billion bailout, labelling it a mere delay of the inevitable closure of its Long Steel Business. With 3,400 jobs on the line, experts question whether government intervention is merely prolonging the company's decline at taxpayers' expense.