11:16 AM EDT, 10/21/2026 (MT Newswires) -- South Africa's Industrial Development Corp., or IDC, reportedly reached an initial agreement to acquire steel producer ArcelorMittal's (MT.AS, MTS.MC) subsidiary in the country, Bloomberg News reported Wednesday, citing people familiar with the matter. The deal is said to be valued at 10 billion South African rand, with the state-owned development finance institution paying 3 billion rand in cash and assuming ArcelorMittal South Africa's (ACL.JO) debt worth 7 billion rand. Sources told Bloomberg that the IDC aims to complete the transaction by the end of 2026, after which a strategic review of the subsidiary's businesses will be initiated. ArcelorMittal did not immediately respond to MT Newswires' request for comment. (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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