ArcelorMittal SA's share price jumped 8.42% on Monday morning after it announced the R3.2bn sale of its Macsteel joint venture. In May, ArcelorMittal SA said it was in negotiations with Luxembourg-based Macsteel to sell its half of its South African business. On Monday morning, ArcelorMittal SA issued a statement saying the deal would proceed, with Macsteel agreeing to pay it $220m — equating to R3.16bn at the R14.37/$ exchange rate at 11.40am on Monday morning — plus interest. ArcelorMittal's share price jumped to R4.25 "This marks a significant milestone for the company in achieving its objectives," ArcelorMittal SA said. The funds will be used to reduce debt, helping the steel maker "in achieving its goal to be a sustainable and profitable company". When announcing the proposed sale in May, ArcelorMittal SA said that in the early years of the joint-venture's existence, it supplied most of the steel sold by Macsteel's South African operations. This had fallen to less than 20%, Arc...