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ArcelorMittal South Africa to raise the price of steel- The 19th China (Guangzhou ) Int’l tube & pipe Processing Equipment Exhibition
8/29/2017 管材展-鋼管展-steel tube expo-tube &pipe expo |
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IOL reported that ArcelorMittal South Africa, Africa’s biggest steel producer, will hike steel prices next month in response to steep higher international prices. Amsa customers can expect to pay 4.3percent more for flat steel products and 4.4percent more for long steel products with effect from September 1.
A spokesperson said that it was common practice for all steel makers to review prices monthly in line with market movements in the price of steel and raw materials globally. He said “International prices of steel products and of steel making raw materials have increased significantly over the last three months; some up to more than 25percent.”
It said Amsa was committed to fair prices in the domestic market aligned to international average domestic prices around the world and domestic market conditions, as per the fair pricing principles agreed with the government. Creating a sustainable and profitable business is critical to ensure that the steel industry can continue to play its part in the future growth and development of the country
Amsa, the Vanderbijlpark-headquartered steel giant, has been bleeding cash, posting bleak financial results in the first half of 2017. Last month, Amsa reported R1.16billion headline losses, for the first half of this year. It blamed the poor performance on the stronger rand, weakening domestic economy and higher coking coal and iron ore costs.
The losses were despite the government''s move to introduce 10percent tariffs on various steel products in a bid to shield the industry from cheap imports.
- The 19th China (Guangzhou ) Int’l tube
& pipe Processing Equipment Exhibition
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