Israeli tycoon investing $79 million in South African steelmaker Iscor

South African paper says Steinmetz is involved in control struggle for Iscor
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Diamond tycoon Benny Steinmetz has acquired a 11.5% stake in Iscor, South Africa's biggest iron and steel maker, reports Ma'ariv, becoming the company's second biggest shareholder.

Steinmetz bought the shares from Anglovaal Mining through Stimela Mining, a firm registered in the Virgin Islands.

Iscor's executive chairman, Hans Smith, identified Steinmetz as the man behind the company that bought the Iscor shares. Also, the South African daily Business Day claims Steinmetz is involved in a struggle over the controlling interest in Iscor.

It transpires that Steinmetz holds part of the control over a company called Arctic Resources, which is a major shareholder in Anglovaal Mining.

A spokesman for Steinmetz refused to divulge the identity of the investor involved in the Iscor deal. He would only confirm that Steinmetz has investments in South Africa.