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.

 

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