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'It's such a genius move by government to save ArcelorMittal'

2 December 2019 10:43 AM
Tags:
ArcelorMittal
Steel
Business Insider South Africa editor Helena Wasserman analyses the latest decision to try and stave off job losses in Saldanha.

At least 400 direct jobs will be lost when ArcelorMittal South Africa closes its operation in the Saldanha Bay area. Government has been involved in negotiations with the global steel giant to try and come up with a solution to avoid this.

Business Insider South Africa editor Helena Wasserman talks to Kieno Kammies about what lies ahead.

The Department of Trade and Industry has stated that there are two parties who have expressed interest in buying the operations in Saldanha.

It's such a genius move by government. ArcelorMittal said it is going to close it down, but then government said, but wait a minute.

Helena Wasserman, Editor - Business Insider South Africa

She says government made it clear that it had pumped billions into preparing local markets for the company providing import and tariff protection and needed to find alternatives to shutting down.

It is one of the only steel producers on the continent, and if we scale down production, once the economy starts picking up ArcelorMittal will be in the pound seats.

Helena Wasserman, Editor - Business Insider South Africa

Infrastructure spending since 2010 has dropped enormously and this has lowered demand for steel, she says.

Pick n Pay has continued to market their fresh produce towards gin drinkers and Wasserman also takes a look at Pick n Pay's controversial gin product and its decision this year to launch berries and botanicals for gin.

And Clicks Clubcard has found a new partner in Engen - soon after their quickie divorce from Shell.

Listen to the interview below:

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2 December 2019 10:43 AM
Tags:
ArcelorMittal
Steel

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