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With further retrenchments looming, a struggling industry and a business in distress, ArcelorMittal South Africa’s CEO, Kobus Verster, has his work cut out for him.
Steel producer ArcelorMittal SA says domestic sales in the first quarter of the year were 2% lower due to a dip in local demand, forecasting tough conditions to continue into the next segment.
US President Donald Trump will delay imposing steel and aluminum tariffs on the European Union, Mexico and Canada until June 1 as he finalises deals with them.
US President Donald Trump’s tariffs on steel and aluminium pose a risk to jobs for South African steel and aluminum workers, Trade and Industry Minister Rob Davies has said.
Africa Steel Holdings came into being just three years ago. Its founder, Mayleen Kyster, talks about what it takes to be successful in a sector that is experiencing multiple headwinds.
Leading steel producer ArcelorMittal SA is set to retrench over 50 workers as it attempts to address its current challenges.
Government is trying to find a balancing act by protecting the downstream steel manufacturers while also ensuring the existence of a primary steel manufacturer, says Trade and Industry Minister Rob Davies.
It might be the second-smallest province in SA, but Mpumalanga
is punching way above its weight when it comes to contributing to the country’s economy and potential economic development. The Industrial Development Corporation’s regional manager for the province, Mashweu Matsiela, explains.
The Competition Tribunal has approved ArcelorMittal’s settlement agreement with the Competition Commission of R1.5bn.
Economists this week questioned government’s decision to give ArcelorMittal SA tariff protection against foreign competitors after more than a decade of attempts to prosecute the steel giant for abusing its monopoly position.
Hyundai joined a chorus of rebuke from global automakers against possible import tariffs by the Trump administration, Bloomberg reports.
Minister of Communications Nomvula Mokonyane says Cabinet is disappointed at the US decision not to exempt SA from its application of steel and aluminium duties.
South Africa will soon know whether it will be exempt from US President Donald Trump’s steel and aluminium tariffs.
The US is considering imposing quotas on imports of aluminum and steel, including a tariff of at least 24% on steel imports from all countries.
The metals and engineering sector is facing strong headwinds, ranging from cheap imports to a weak local demand for products. Stakeholders are desperate to find solutions to these issues.
Some employer groups think they have an iron-clad bargaining chip to get unions to sign up for an almost unprecedented lowering of prescribed entry-level wages.
Government will make a R1.5bn steel competitiveness fund available which will be administered by the IDC, says Economic Development Minister Ebrahim Patel.
South Africa’s manufacturing sector has bled 400 000 jobs since March 2008 and the industry has never really recovered from the global financial crisis, says Numsa.
ArcelorMittal has reported its highest quarterly profit since 2014 after a rally in steel and iron-ore prices boosted earnings.
Predatory behaviour seems to be hotwired into the DNA of steel conglomerate ArcelorMittal, says Minister of Economic Development Ebrahim Patel.
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