Selling Iscor was a ‘mistake’

2011-10-27 15:31

Selling Iscor was a mistake that contributed to the country paying higher prices for steel, Public Enterprises Minister Malusi Gigaba has said.

“Selling Iscor was a bad idea,” he told a Young Communist League conference on job creation in Midrand.

Iscor, which was founded in 1928, was a parastatal until 1989 when it was privatised.

Gigaba said while the country had the potential it needed to make its own steel products at favourable prices, the sale of Iscor meant that it now had to pay world market prices for steel.

Some of this steel, he said, was imported from China to which SA exported iron ore.

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