JOHANNESBURG (Reuters) -Steel producer ArcelorMittal South Africa's shares fell more than 15% on Monday after the company said it would proceed with the closure of its loss-making long steel business.

ArcelorMittal to close long-steel business in South Africa, citing losses from economic conditions, high costs and Chinese steel imports.

Around 3,500 jobs will be affected after weak economic conditions, high costs and Chinese steel imports weighed on the company.

Steel producer ArcelorMittal South Africa, a unit of Luxembourg-based ArcelorMittal, is to wind down its long-steel business, impacting 3,500 jobs, the company announced on Monday. The decision follows sustained challenges,

ArcelorMittal’s MT division, ArcelorMittal South Africa, has decided to wind down its Longs Business after facing continuous challenges like weak economic growth, high logistics and energy costs, and an influx of low-cost steel imports from China.