South Africa's state-owned Industrial Development Corporation has agreed in principle to buy ArcelorMittal South Africa, the country's largest steelmaker, in a deal worth about R10 billion. It will pay around R3 billion in cash & take on about R7 billion of debt. The agreement follows three years of talks that began when the company tried to close two mills vital to the car & mining industries. Shares jumped 21% on the news. The deal needs shareholder approval & is expected to close by the end of 2026.