ArcelorMittal (MT) South Africa will postpone the closure of its long steel plants to Aug. 31 after state-owned Industrial Development Corporation extended a 1.683 billion rand ($91.5 million) loan to the company, multiple reports said Monday, citing a company statement.

The government also pledged to "expeditiously address" structural problems such as cheap imports and high electricity costs, Bloomberg reported.

The company has been asking the government for a relief package, including the removal of a scrap metal export tax, Reuters said.

ArcelorMittal announced in February that it would cease long steel production by April.

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