By Reuters | JOHANNESBURG |
Topics ArcelorMittal | ArcelorMittal SA
By Promit Mukherjee and Tanisha Heiberg
JOHANNESBURG (Reuters) - Steel producer ArcelorMittal South Africa has declared force majeure after a breakdown of a blast furnace at its Newcastle Works in KwaZulu-Natal province, it said on Wednesday.
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. Africa's biggest steel producer, which is majority-owned by Luxembourg-based ArcelorMittal SA , said the blast.....
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