Mar 31, 2010
Daily podcast – March 31, 2010Back
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Wednesday, March 31, 2010.
From Creamer Media in Johannesburg, I'm Shannon de Ryhove.
Making headlines today:
The decision of JSE-listed steelmaker ArcelorMittal South Africa (AMSA) to impose a 600-rand a ton Sishen surcharge on the steel it sells has evoked an angry response from the South African government. Government described the surcharge as unjustifiable.
As a consequence, South Africa's Department of Trade and Industry said that it would be referring the matter to the Competition Commission to investigate AMSA for abuse of dominance and excessive pricing. Simultaneously, AMSA CEO Nonkululeko Nyembezi-Heita announced that May 1 would be the date of AMSA's effective 10% steel price surcharge. The DTI says that the steelmaker is signalling that the South African economy is expected to bear the cost of its commercial error, which in turn will hamper its industrialisation efforts.
The DTI said that AMSA had committed a grave commercial error in failing to convert its old order mining rights to new order mining rights by the cut-off date prescribed in the Mineral and Petroleum Resources Development Act.
The two companies, which entered exclusive talks in mid-February, signed a legally binding definitive agreement in Amsterdam, where Zain's Africa subsidiary is based.
Bharti said the acquisition would make it the world's fifth-largest wireless company, with operations across 18 countries and with a total of about 179-million customers. It is the second biggest overseas purchase by an Indian company after Tata Steel's 13-billion-dollar purchase of Corus in 2007.
That's a round up of news making headlines today.
Edited by: Shannon de Ryhove© Reuse this Comment Guidelines (150 word limit)
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