Today's Big Stories

Arcelormittal's cartel behaviour stifled SA industries

Arcelormittal has agreed to pay a fine of R1.5 billion to the Competition Commission after admitting to being involved in anti-competitive behavior through long steel and scrap metal cartels.

Commissioner of the Competition Commission, Thembinkosi Bonakele, says at least five investigative complaints were brought against the steel manufacturer dating back as far as 2003.

Bonakele explains that Arcelormittal's abuse of market dominance has had a massive impact on trade exports, the industrial sector and job creation downstream.

They had a buyers cartel were they essentially would get together with other buyers to decide the trading conditions, including the price.

Thembinkosi Bonakele, Commissioner of the Competition Commission

In addition to this, the manufacturer has has also set aside capital expenditure of R4.6 billion over five years to help ensure investment in the steel manufacturing industry.

It was very important for us to balance the fine with their ability to continue investing in the South African economy.

Thembinkosi Bonakele, Commissioner of the Competition Commission

Listen to the full conversation from CapeTalk's Breakfast with Kieno Kammies:

Also listen to the conversation from The Midday Report with Stephen Grootes:


This article first appeared on 702 : Arcelormittal's cartel behaviour stifled SA industries


Read More
Veterans and ANC not on same page about terms of consultative conference

Veterans and ANC not on same page about terms of consultative conference

ANC vets want civil society groups present at the consultative conference, which they want held separately from another meeting.

Top SABC journos applauded for brave testimony

Top SABC journos applauded for brave testimony

EWN's Gaye Davis summarises the evidence of the SABC journalists who appeared before the ad hoc committee in Parliament.

If you're gona be a hero (and smash a car window), make sure you can prove harm

If you're gona be a hero (and smash a car window), make sure you can prove harm

A criminal lawyer explains what leg citizens can stand on if they witness a child or pet locked in a vehicle in risky conditions.

SABC 'in contempt of court' if Motsoeneng reports for duty, says DA

SABC 'in contempt of court' if Motsoeneng reports for duty, says DA

The DA's James Selfe says it is not clear whether SABC's Hlaudi Motsoeneng will be either fired or suspended pending an inquiry.

Tweeps throw shade as court shows Motsoeneng the door

Tweeps throw shade as court shows Motsoeneng the door

A judge has ruled that Hlaudi Motsoeneng should not hold any position at the SABC and Twitter has wasted no time reacting.

Why family traditions matter

Why family traditions matter

Whether it's breaking bread or celebrating through song and dance, family rituals and traditions can create a sense of belonging.

Popular articles
Financially prepare yourself before the wedding bells

Financially prepare yourself before the wedding bells

Liberty Legal Marketing Specialist, Faeeza Khan talk us through a few financial pointers before getting hitched.

Oscar's family unhappy with producers as movie makes SA debut this weekend

Oscar's family unhappy with producers as movie makes SA debut this weekend

The movie stars Joburg-born actor Andreas Damm as Pistorius and Victoria Secret model Toni Garrn as Reeva Steenkamp.

Statement to remove LLB programme from SA universities is misleading: Max Price

Statement to remove LLB programme from SA universities is misleading: Max Price

Max Price says Council on Higher Education's announcement that UKZN, UCT and UL could lose their LLB accreditation is not right.

Is taking items from the hotel room stealing?

Is taking items from the hotel room stealing?

Tsogo Sun Cape regional manager explains which items are free to be taken home by guests and why.

WATCH: Innovative spray limits toilet flushes and saves water

WATCH: Innovative spray limits toilet flushes and saves water

Loo Me is a simple yet effective scented foam that takes the yuck out of "mellowing" toilets preventing multiple flushes.