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Oct 17, 2008

Daily podcast – October 17, 2008

October 17 2008
© Reuse this This podcast is brought to you by Mercedes Benz Commercial - the right partner.

Friday, October 17, 2008.

From Creamer Media in Johannesburg, I'm Christy van der Merwe.

Making headlines today:

The Coega Development Corporation has invited investors to submit proposals for the development of a liquid storage and trans-shipment facility in the Coega Industrial Development Zone.

Project manager Duane Mouton said that the deadline for the proposal submissions would be November 12. A preferred investor would be selected by February 2009.

He noted that the CDC would select a preferred investor, based on several criteria. This would include previous experience in fuel storage and container shipment facilities, approach and methodology, qualifications, as well as black-economic empowerment status.

The storage capacity would be on a build, operate, and transfer basis. It would cover an estimated one-million cubic meters.

On Thursday, ArcelorMittal South Africa confirmed that its export-focused Saldanha Steel mill has been affected by the worldwide slowdown in demand. It said that it was running "well below capacity".

The JSE-listed group also confirmed that maintenance shutdowns planned for the first quarter of 2009 were now likely to be brought forward at its other mills. This is owing to a generalised slowdown in domestic demand. ArcelorMittal South Africa is able to produce eight-million tons of flat- and long-steel yearly.

The company had already dropped domestic prices for October and November, in line with a global price slump. Its parent company, ArcelorMittal, had stated that it could cut output by 15% globally if needed.

Also making headlines:

South Africa is seen to be cutting growth forecasts as well as the budget surplus.
Mondi will give land to two communities in a benchmark restitution deal.
Retailers are warned of a gloomy prognosis for Christmas sales.
And, the weak rand will push Gautrain cost upwards.

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

Edited by: Shannon de Ryhove
Creamer Media Senior Deputy Editor Polity & Multimedia
© Reuse this Comment Guidelines (150 word limit)
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