Mar 04, 2010
Daily podcast – March 4, 2010Back
Johannesburg|ArcelorMittal South Africa|Sishen Iron Ore Company|South African National Roads Agency Limited|South Africa|Zimbabwe|ZAR|Sishen Mine|Steel|Steel Producer|The 2010 FIFA World Cup
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From Creamer Media in Johannesburg, I'm Shannon de Ryhove.
Making headlines today:
South Africa's largest steel producer ArcelorMittal South Africa announced on Wednesday that a dispute resolution process had been initiated in an attempt to resolve a matter between it and Kumba Iron Ore. The matter relates to a cost plus 3% supply deal, which the iron-ore miner cancelled as from March 1, 2010.
The JSE-listed steel group indicated that the dispute would be handled in accordance with the provisions of the supply agreement, which included arbitration. It announced that it had agreed with the JSE to lift the halt in the trade of its shares with immediate effect.
ArcelorMittal South Africa said in a statement that it had considered assertions made by Sishen Iron Ore Company relating to its mineral rights at the Sishen mine, but that it remained of the firm opinion that the long-term supply agreement remained valid and binding and that it would take all steps necessary to protect its shareholders in this regard.
The agency again tapped into its two bonds with maturities in 2020 and 2034, as well as issued a new 2023 inflation-linked bond, for this auction, for which it received overall bids totalling 1,1-billion-rand.
The funds are being used to fund the expansion and upgrade of toll roads, particularly its 20-billion-rand Gauteng Freeway Improvement Project, which is planned to be substantially completed before the 2010 FIFA World Cup.
Signs of life in the truck market emerge.
And that's a round up of news making headlines today.
Edited by: Shannon de Ryhove© Reuse this Comment Guidelines
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