May 28, 2009
Daily podcast – May 28, 2009Back
Johannesburg|London|ArcelorMittal South Africa|Chrysler LLC|Chrysler South Africa|Eskom|Standard & Poor's|Africa|Zimbabwe|USD|Flat-steel Prices|Flat-steel Products|Long-steel Prices|Steel|Steel Producer|Steel Product Prices|Sven Lunsche
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From Creamer Media in Johannesburg, I'm Shannon O'Donnell.
Making headlines today:
On Wednesday, Africa's largest steel producer, ArcelorMittal South Africa, confirmed that it intended raising prices for the first time in nine months as of July 1. The company said it would roll over its May prices into June, but gave notice to its customers that it would increase prices on both long- and flat-steel products as from July.
Spokesperson Sven Lunsche confirmed that flat-steel prices would be increased by between 4 and 5%. Long-steel prices would rise by between 5 and 6%.
Lunsche said that this was the first increase in most steel product prices since September last year. Between September and May the average prices of South African steel had declined by over 60%.
The July increase appears to be premised on a view that the South African currency won't strengthen beyond current levels and that there'll be some upward momentum in international steel prices.
Chrysler has applied for two initiatives established by the DOE - the Electric Drive Vehicle Battery and Component Manufacturing Initiative, and the Transportation Electrification Initiative.
Both are designed to speed up the development, demonstration, evaluation and manufacturing of EVs and PHEVs.
The programmes represent a 50/50 cost-share opportunity, with 224-million-dollars to come from Chrysler and its partners, and a matching 224-million-dollars from the DOE.
Standard & Poor's will make a new Eskom ratings statement soon.
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
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