Apr 02, 2009
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Thursday, April 2, 2009.
From Creamer Media in Johannesburg, I'm Shannon O'Donnell.
Making headlines today:
South Africa's leading primary steel producer, ArcelorMittal South Africa, has reduced its steel prices again by between five and eight percent.
The April cuts are over and above the average 40% price reduction that had been implemented since domestic steel prices peaked in August last year. In fact, between January and August last year, there had been seven upward revisions to the price of hot-rolled coil, which surged by over 100%, and six increases in the price of wire rod.
The latest cut follows on from two months of price rollovers. It appears to have been precipitated by the recent strengthening in the rand and continued steel price weakness elsewhere in the world.
Union spokesperson Tabudi Ramakgolo said that its members would go on strike as it couldn't reach an agreement with employers in the sector regarding a number of issues. The issues include minimum wages, allowances and maternity leave, among others.
About 30 000 Satawu members would participate in the strike.
South African power utility Eskom hints that it may approach government for yet more support.
That's a round up of news making headlines today. For more on these and other stories please visit engineeringnews.co.za.
Edited by: Shannon de Ryhove© Reuse this Comment Guidelines (150 word limit)
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