26 Feb AMSA insists R2.27bn empowerment deal meets highest governance standards
Steel producer ArcelorMittal South Africa(AMSA) has unwrapped its long-awaited R2.27-billion broad-based black economic empowerment (BBBEE) transaction, which chairperson Mpho Makwana insists meets the highest standards of probity and governance.
An earlier 2010 attempt by the JSE-listed company to conclude a R9-billion empowerment deal hit turbulence, owing largely to the make-up of the consortium, known as Ayigobi, which included individuals, including members of the Gupta family, with strong ties to government. The deal was later abandoned.