Metal products maker Argent Industrial has criticised the government for granting ArcelorMittal SA import tariff protection, saying SA’s largest steel producer is "hell-bent" on creating an inefficient primary steel supply monopoly, while killing off downstream steel processing through higher input costs. It said in its results statement for the year to March released on Thursday that General Motors’ departure from SA meant that Argent would close its automotive plant before the end of September. "The current steel-trading environment is very difficult, with the government hell-bent on creating an inefficient singular carbon steel supply monopoly," CEO Treve Hendry said in the results statement. "The recent price increases did manage to turn this sector around. However, the sudden announcement from General Motors that they are disinvesting from SA will result in our automotive plant being closed." In this regard, the group had provided an additional R2m in the form of stock provisio...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.