ArcelorMittal SA

A partnership between ArcelorMittal SA (AMSA) and South Africa's homegrown petrochemicals giant Sasol to develop a green hydrogen hub in Saldanha Bay is expected to give a huge boost to the hydrogen economy in the country. Saldanha Bay, located on the West Coast of South Africa, is the largest natural port on the African continent. The town suffered a serious economic blow when AMSA shut down its steel manufacturing plant there in 2020 at the height of the Covid-19 pandemic. Global steel magnate Laxmi Mittal's acquired AMSA after he first helped the ailing state-owned steel manufacturer Iscor turn its fortunes around in 2004. Now AMSA plans to become the first African green flat steel producer using green hydrogen at its plant in Saldanha Bay, while cutting back on its carbon footprint at its flagship steelworks in Vanderbijlpark. Sasol, which was established in the apartheid era to produce fuel from coal as the white minority government faced global sanctions, has evolved into a

Steel has surged over the past 12 months, joining a wider commodities boom as producers struggled to meet an unexpectedly strong rebound in demand from the construction and manufacturing industries.

ArcelorMittal said it had benefited from a gradual recovery in steel demand resulting in higher steel shipments and improved margins as well as a better mining performance

The clause of force majeure, loosely translated as superior force, allows certain terms of an otherwise legally binding agreement to be ignored due to unavoidable circumstances.

Saldanha became operational in 1998 and employs 400 fulltime staff and 500 contract workers

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Despite having an 80 per cent market share in the local steel market, the AMSA has battled against cheaper imports from China and falling global steel prices