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Monday, February 23, 2009.

From Creamer Media in Johannesburg, I'm Fatima Gabru.

Making headlines today:

Official data shows that global steel output plunged 24% in January, as the worldwide economic downturn forced a cutback in nearly all major steel producing countries.

The World Steel Association said crude steel output fell to 86-million tons in January.

All major producing countries posted double-digit decreases, except China, which saw 2,4% growth year-on-year.

Still, monthly world steel production was 4,5% higher than in December, mainly due to a 9,9% increase in Chinese production.

China's output for January was 41,5-million tons. This was almost half of the global amount.

State-owned defence industrial group Denel hasn't given up hope that the government will grant the company the outstanding tranche of 1,7-billion-rand needed to complete the restructuring of the business.

Denel Group CEO Talib Sadik said that, in the recent budget, no funds were allocated to Denel. But, the group was negotiating with the government to obtain the rest of the funding needed to complete its restructuring.

At the beginning of the financial year, Denel negotiated with the government to get the outstanding 1,7-billion-rand, but was unsuccessful.

However, the group did receive government guarantees, which allowed it to raise debt.

Also making headlines:

The South Africa/Brazil missile programme achieves an important milestone.
The price of some fully imported vehicles might increase by 25% this year.
South Africa's stimulus framework opens up old macroeconomic debates.
And, SAA says its operations are unaffected by the Satawu strike.

That's a round up of news making headlines today. For more on these and other stories please visit engineeringnews.co.za.

 

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