The chief of ArcelorMittal SA’s South African unit said its second-biggest shareholder, the Industrial Development Corp., is seeking to increase its stake in the steel producer as it works to preserve local output.

(Reuters) -ArcelorMittal South Africa will defer the closure of its loss-making long steel plants to August 31 after getting a 1.683 billion rand ($91.50 million) injection from the state-owned Industrial Development Corporation,

ArcelorMittal South Africa has postponed the closure of its struggling long steel plants to August 31 following a 1.683 billion rand financial infusion from the Industrial Development Corporation. The company initially planned to cease production in April due to unmet demands for lower tariffs and import duties.