SA Money Daily | ArcelorMittal shuts plants after govt infrastructure spending never came

100 000 containers now stuck outside three SA ports - as new penalties and price hikes loom

View Online SA Money Daily The biggest business, economic and market news of the day. AHMED AREFF, BUSINESS DEPUTY EDITOR ArcelorMittal shuts plants after govt infrastructure spending never came ArcelorMittal SA has abandoned its long steel business after almost a decade of carrying it in the vain hope that South Africa would fuel demand through public infrastructure development.   On Tuesday, Africa's largest steelmaker finally pulled the trigger, and announced more than 3 500 jobs are on the line as it winds down the business.   The steelmaker said external national macro environment forces it has no control over, such as lack of demand for the products, high logistical and transportation costs, energy prices and lack of sufficient electricity generating capacity, are the reasons for giving up the operations.   The decision to close the Vereeniging and Newcastle long steel plants comes after years of aggressive cost cuts to save the business, which ultimately proved fruitless as SA's steel consumption has declined 20% over the past seven years.    The group will also close the ArcelorMittal Rail and Structural (AMRAS) mill at Emalahleni in Mpumalanga, the only producer of mainline rail in sub-Saharan Africa. Read More 100 000 containers now stuck outside three SA ports - as new penalties and price hikes loom The Durban and Port Elizabeth ports are now among the top seven most congested ports in the world. amaBhungane | A scramble for the broke and broken Habib bank A strange coterie of suitors has emerged offering to rescue the small but "hopelessly insolvent" bank, which still faces allegations of widespread internal corruption and large-scale money laundering. 'Shocker': Bidvest shares plunge as one of 'strongest soldiers' starts to feel the pain Shares in Bidvest crashed nearly 10% on Tuesday after the industrial conglomerate warned of a worse than expected first quarter volume and margin crunch in some of its consumer-facing businesses. Kusile's Unit 2 comes back online as Eskom ramps up load shedding Kusile's Unit 2 was synchronised to the grid on Tuesday, two days ahead of schedule, Eskom said in a statement - just hours after it ramped up load shedding. Shoprite crackdown: Criminals get 24 life sentences, thousands more years behind bars Shoprite, SA's largest retailer, says it has dealt a major blow against crime over the past three years, securing more than 1 700 years in prison time – including 24 life sentences – for criminals. World Bank gives Eskom the nod for transmission company One of Eskom's major lenders, the World Bank, has given its consent for the legal separation of the national transmission company. Click HERE to access an independent platform profiling and showcasing local asset managers, discretionary fund managers, alternative investment strategies and investment platforms. DOWNLOAD THE NEWS24 APP CONNECT WITH US

Opt-out of this email • Manage Preferences • Update Profile • View PDF • Share • View Online This email was sent to newstrafik.LINK13@blogger.com on 29-11-2023 24.com is intended for opt-in communication only. If you feel this email is unsolicited, please report it to us