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Sacrificing the steel industry to save Mittal

The Steel Industry is in troubled waters. There are many indicators to this effect, but job losses is an important one. According to the MEIBC, the Steel Industry has lost 150,000 jobs over the last ten years, of which 40 000 jobs were lost in 2015 and 9,000 in the month of November 2015 alone. The MEIBC is predicting a further 30 000 job losses in the Steel Industry this year.

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SA posts 16.3% uptick in 2015 steel output

With its 66 steel producing countries reporting to the industry body, World Steel Association saw a 2.8% year-on-year drop to 1.62 billion tons in the crude steel output. However South Africa managed to lift its output by 16.3% over the 12 months, delivering 7.6 million tons of steel and becoming the world’s twenty-first largest producer.

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SASSDA stays positive amidst unstable economy

In an extremely challenging global and local economic environment, the South African stainless steel industry is facing strong headwinds. The stainless steel industry association, SASSDA (the Southern Africa Stainless Steel Development Association) predicts a 5% to 10% decrease in industry consumption in the fourth quarter of this year.

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Steelbank proves its metal

The Cape Town Branch of Steelbank Merchants (Pty) Ltd has been trading mild steel products in the Western Cape since July 2000, stocking general mild steel flat rolled products in sheets, slit coils and blanks. A truly national company, its head office is in Pinetown, KwaZulu-Natal and it sports a new facility in Alrode, all of which support the Cape Town steel processing capabilities.

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CBN’s top 6 business stories

A list of the top six stories affecting the Cape Business Comunity this week.

Agriprocessing

Innovators and entrepreneurs will unlock Africa’s agribusiness promise

With the World Bank projecting that Agriculture and Agribusiness in Africa will be worth US$1tn by 2030, the continent should review its incentive structures.

Agriculture accounts for around 24% of African GDP, by adding post harvest activity, agriculture-related industry accounts for nearly half of all economic activity in sub-Saharan Africa.

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Industrial metals

Steel industry strategic for SA’s growth

The great global economic recession, which was triggered in 2008 by a financial crisis arising from reckless lending by financial institutions in the US, has had devastating and multiple impacts on the global economy.

No less for the South African economy, which has been impacted by a series of exogenous economic “shocks.”

Taken together with a range of domestic shocks – especially electricity supply constraints and prices – these external factors have had very serious negative consequences for economic growth, industrial development and job creation. These exogenous shocks include a sharp decline in demand for exports in South Africa’s traditional trading partners and more recently, an end to the commodity supercycle.

The latter has led to a significant decline in demand and prices for commodities, which has and will in the near future negatively impact the domestic mining sector with considerable knock-on effects for the domestic economy. The latest “wave” in a series of negative shocks arises directly from the global recession and impacts directly on the domestic steel industry.

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Maritime industry

CSTC will help SAS rejuvenate South African maritime industry

The China Shipbuilding and Trading Company (CSTC) will use its expertise to assist Southern African Shipyards (SAS) in the rebuilding of South Africa’s maritime industry, with an emphasis on Operation Phakisa to develop the ocean economy.

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News

Private sector, workers should tighten belt to save jobs: South Africa president

South Africa's private sector and workers need to tighten their belts to save jobs in Africa's most advanced economy, President Jacob Zuma said on Sunday.

Pointing to worries that the steel manufacturing industry and the mining sector could shed thousands of jobs, Zuma urged unions demanding higher wage increases and firms chasing profits "to recognize the fact that the economy is sick."

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Investment

Bidvest of South Africa eyes further growth as profit rises

Bidvest Group, South Africa’s second-biggest company by sales, said it sees opportunities to expand despite unpredictable economic conditions and is exploring new ways to help accelerate growth in other African countries.

“Across all our businesses, opportunities exist to add new product ranges and expand local footprints, via both organic and acquisitive growth,” the company said on Monday in its earnings statement for the 12 months through June. “Our focus on expanding our exposure to Africa remains.”

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Events

Doing business in Africa 2015.
Date: Tuesday, 8 September 2015
Time: 08:30 for 09:00 - 16:00 (followed by cocktails and networking)
Cost: R250 - members / R450 - non-members
Venue: Atlantic Imbizo, Clock Tower Precinct, V&A Waterfront, Cape Town
Event organiser: Denise Kolbe 021 402 4300 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

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Higher steel tariffs unlikely says Radebe

Minister in the Presidency Jeff Radebe has said that it is unlikely that government will raise tariffs on cheap steel imports, despite calls from industry to protect local manufacturers. Factors influencing their decision includes political alliances and South Africa’s standing amongst BRICS (Brazil, Russia, India, China and South Africa) members as well as overarching trade considerations.

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