Superman, now the intellectual property of DC Comics, debuted in June 1938, on the cover of the Action Comics #1. If you should have a copy, it is worth more than $137 000. David Gonzalez recently paid $10 100 for a dilapidated house in Elbow Lake, Minnesota. While renovating the house, he found a comic book among old newspapers that had been used to insulate the walls. Yes, you guessed, it was the June 1938 Superman issue. And now to make you cry – well, if you were a Gonzalez, you most certainly would, the comic would have been worth much more. When Gonzalez brought his in-laws to see the house, his wife’s aunt excitedly grabbed the comic, resulting in the back cover being torn – a $75 000 tear. (It is said that the difference between in-laws and outlaws is that outlaws are wanted!)

How DC Comics came to own the copyright to Superman is not important for now. But should you intend to be around in the year 2033, then set yourself a reminder, for this is when the copyright to Superman lapses.

In 1986, DC Comics decided to reboot Superman through the release of a limited comic book series called The Man of Steel, intended to provide a modern take on Superman’s origins. The Man of Steel reference was to emphasise the fact that Clark Joseph/Jerome Kent is not a man, a mere mortal composed of flesh and bone – he is Superman. But, as reboots go, one was not enough. In 2013, DC Comics rebooted its movie franchise with The Man of Steel and on March 19 this year Batman v Superman: Dawn of Justice premiered internationally. A two-for-the-price-of-one reboot, you might say, and quite rightly ask just how many boots it takes to ensure a successful reboot?

All this reminds me of the trials and tribulations of South Africa’s own ‘The Industry of Steel’. On April 22, the International Trade Administration Commission of South Africa (Itac) announced that Columbus Stainless had made an application for an increase in the ‘general’ rate of customs duty on stainless steel flat products from free of customs duty to 10% ad valorem. This followed a similar tariff application by ArcelorMittal South Africa (AMSA), on October 23, 2015, for an increase in the ‘general’ rate of customs duty on flat-rolled products of iron or non-alloy steel. Then, on March 24, there was the initiation of a safeguard investigation requested by the South African Iron and Steel Institute (Saisi) – whose members include AMSA (formerly Iscor), Cape Gate, Columbus Stainless, Evraz Highveld Steel and Scaw Metals Group – against increased imports of certain flat-rolled products of iron, non- alloy steel or other alloy steel, whether or not in coils. Previously, on February 12, the ‘general’ rate of customs duty on semifinished steel, steel plates, cold-rolled steel and steel sections was increased from free (0%) to 10% ad valorem . In the application of October 23, 2015, Itac indicates that the very short publication period of two weeks (customarily, the period is four weeks) “is based on the fact that the steel industry has been designated as an industry in distress by the Minister of Trade and Industry”.

It is interesting that, on October 26, 2015, Business Day reported that the Industrial Development Corporation (IDC) had affirmed its commitment to building a $5-billion steel mill in South Africa, despite “companies scaling back operations and a global glut because it wants to support infrastructure projects and urbanisation on the continent”. Does the Iron and Steel Industry Act, No 11, of 1928, which resulted in the government of the day establishing the South African Iron and Steel Industrial Corporation, or Iscor, which, on April 4, 1934, tapped steel from its open-hearth furnace at the Pretoria Works, not ring any bells?

As the fortunes of the industry wane, so do the fortunes of its owners, none more evident than ArcelorMittal’s magnate owner. According to the Independent of April 24, the family behind Europe’s main steelmaker lost more than £2-billion in 2015. The company’s magnate owner, Lakshmi Mittal, who topped the annual Sunday Times Rich List in 2008, with a personal worth of £27.7-billion, dropped to number 12 in 2015, with a fortune of £7.12-billion.

The reason why The Industry of Steel is where it is today is a matter of perception, with a good dose of blame distribution and attribution. Let me point to a few facts. On October 16, 2004, Itac informed of its review of the customs duty structure for primary steel and stainless steel. At the time, the ‘general’ rate of customs duty was 5% ad valorem and Itac was considering recommending that the rate of customs duty be reduced to free (0%). The application came at a time of “significant criticism by steel users of prices charged to domestic users”, and the Department of Trade and Industry (DTI) and Ispat Iscor (which later became AMSA) were engaging on a “more market-friendly pricing formula”. A case was also pending at the Competition Tribunal, where gold miners Harmony and Durban Roodepoort Deep were alleging that Ispat Iscor was abusing its dominance and charging excessive prices. There were also murmurings of import parity pricing.

On May 30, 2006, nearly ten years ago, the removal of the standard 5% ad valorem customs duty on all primary steel products was announced. In the words of Yogi Berra: “Déjà vu all over again.” (No, not Yogi Bear, that lovable cartoon character.)

It is quite evident that customs duty increases, applications for such increases and even for safeguard measures (measures of protection employed against fair trade) are now the order of the day, notwithstanding a weakening rand, which depreciated 23% against the US dollar in 2015. (This is considered natural protection in economics.)

A further consideration is just how South African The Steel Industry really is. South African owned, that is. What follows is not a detailed analysis of Saisi members; the information was obtained through a basic search-engine search – essentially, from the companies’ websites.

Of AMSA’s shares, about 54% are held by foreign investors, including the ArcelorMittal group’s 47% interest, while the largest domestic shareholders are Investec Asset Management, with an effective shareholding of 9.7%, the IDC (8.8%), Coronation Fund Managers (6.9%) and the Public Investment Corporation (6.0%). AMSA has a total of 24 172 registered shareholders. Cape Gate is a family-owned company, while Columbus Stainless is 76%-owned by Acerinox, of Spain, with the IDC controlling 24%. Evraz Highveld Steel & Vanadium has Russian-controlled group Evraz as a 51% shareholder, with 34% of its equity held by the South African empowerment partner, Macrovest. Evraz is seeking to avoid liquidation. Scaw Metals Group’s majority shareholder is the IDC (74%), with an empowerment consortium holding 21% and an employee share ownership plan trust 5%.

Can one deduce that tariff protection is an imperative in this industry to retain foreign direct investment? All things being equal, and if emotions are taken out of the equation, is the reboot of The Industry of Steel even a possibility, or is it time for the boot? Let me explain what I mean. To ‘reboot’ is to restart something. In the instance of a film or television show, it means to do so with a different or refreshed viewpoint. To ‘boot’ is to kick something hard in a specific direction so as to get it out of your way; in essence, to dispose of it.

In economic terms, the cost of retention (reboot) in comparison with demise (boot) should be the core consideration. To what extent is South Africa, its consumers essentially, expected to continue to subsidise and/or support a ‘demising’ and diminishing industry?

Who holds the kryptonite of South Africa’s steel industry? Or is The Industry of Steel suffering from its own metal fatigue – self-inflicted or otherwise? Consideration need also be given to whether its ills are solely attributable to the People’s Republic of China, or is there more than meets the eye?