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Update on the proposed Broad Based Black Economic Transaction
ArcelorMittal South Africa Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1989/002164/06)
Share Code: ACL
ISIN: ZAE000134961
(“ArcelorMittal South Africa” OR “Company”)
UPDATE ON THE PROPOSED BROAD BASED BLACK ECONOMIC EMPOWERMENT
(B-BBEE) TRANSACTION
The cautionary announcement regarding the proposed B-BBEE
transaction, whereby a B-BBEE partner is to subscribe for an
equity interest in the Company (“Transaction”) was renewed on
the 4th of February 2016 and shareholders were advised that the
Board of Directors of the Company (“Board”) has finalised its
selection of a potential B-BBEE partner with whom to commence
negotiations for the conclusion of the Transaction.
The Company has subsequently had an opportunity to inform the
relevant interested parties of the Board’s decision and is now
in a position to advise that the preferred B-BBEE party with
whom negotiations have commenced is Likamva Resources
Proprietary Limited (“Likamva”). Likamva is a 100% South
African black-owned company (with at least 51% black women
ownership) and is comprised of a diverse and broad spectrum of
business leaders and new entrants. Likamva's founders and
principals include Noluthando Gosa, the founder of Akhona
Group invested in the property and energy sector, and Leslie
Maasdorp, the Vice President of the BRICS New Development
Bank. The other shareholders of Likamva (consortium members)
include individuals and companies involved in the engineering,
construction, energy, environmental and automotive sectors.
The Ikageng Employee Share Trust, the Company’s Employee Share
Ownership Plan (“ESOP”) will also be afforded an opportunity
to participate in the B-BBEE entity.
The Transaction is subject to the successful conclusion of the
negotiations, finalisation of the Transaction structure and
funding, signature of the definitive Transaction agreements and
the applicable regulatory and the shareholder approvals.
The full impact of the Transaction has not been determined but
if successfully concluded, the Transaction may have a material
effect on the price of the Company’s securities. Shareholders
are accordingly advised to continue to exercise caution when
dealing in the Company’s securities until an announcement
detailing the full terms of the Transaction is published. It is
currently anticipated that a full terms announcement will be
published during the second quarter of 2016.
12 February 2016
JOHANNESBURG
Transaction Sponsor
KPMG Services (Pty) Limited
Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
For further information please contact:
Themba Nkosi
General Manager: Human Resources, Transformation and
Communication
Tel: (016) 889 2996
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