Sunday, July 24, 2016

THE steel market may have taken a turn for the better in the first three months of this year, but the extent to which...

ARCELORMITTAL South Africa (AMSA) said its Saldanha steelworks was viable following a review of the operation, but added that the sustainability of the company...

ARCELORMITTAL South Africa (AMSA) announced steel price increases of up to 11% - more than double inflation - in an effort to keep its...

Kumba Iron Ore would object to a R5.5bn assessed tax claim in a development that may hinder its unbundling or disposal by Anglo American.

Mark Cutifani, CEO of Anglo American, said the unbundling of its 69% stake in Kumba Iron Ore was the base case option the group was currently studying.

Norman Mbazima, Kumba CEO, referred queries about the future of the firm to Anglo American's Mark Cutifani who is due to unveil more restructuring next week.

Kumba Iron Ore impaired its Sishen iron ore mine by R6bn - a decision partly informed by the significant impact of weaker iron ore prices this year.

The unremittingly weak iron ore price has finally closed in on Anglo American's Kumba Iron Ore which is cutting jobs and reducing output.

A 38% decline in the price of iron ore had forced Assore to register a write-down on its investment portfolio despite a 25% decline in the rand's value.

ArcelorMittal South Africa had "a reasonable prospect" profitability as a key requirement for its recovery - steel import duties - were extended by the Govt.