PETER BRUCE: Between a rock and a steel plate
Having made money by not making any steel in 2020/21, it seems ArcelorMittal SA actually making the stuff again has not turned out so well
Such is the swirl of SA politics that it would have been easy to miss the announcement last week by ArcelorMittal SA (Amsa), formerly Iscor, our last remaining primary steel producer, that it was planning to “consolidate” its operations because of low demand. The company said profits to the end of 2022 had fallen more than 60%.
The decision tells me two things. First, Amsa will not be able to survive in its current form. Second, trade, industry & competition minister Ebrahim Patel must now explain to a raft of busy and creative steel importers he has hammered in the past three years by imposing heavy import duties on hot-rolled steel to protect Amsa, why they have had to suffer...
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