SA's primary steelmaker has temporarily closed a blast furnace as stocks of iron ore and coal ran low because of Transnet's poor rail performance. Customers however seem more worried about the escalating prices of steel. | Fin24
Transnet's poor performance has forced ArcelorMittal South Africa to shut off a blast furnace for three weeks while the steelmaker has also warned customers that the Russia-Ukraine conflict is pushing key input prices skyward.
The curveballs come just a month after the group, South Africa's primary steelmaker, posted its highest earnings in nearly 15 years, rebounding from the brink of collapse as steel markets improved and structural reforms began to bear fruit. In a letter sent to customers earlier this month, which Fin24 has seen, AMSA said it had been experiencing a"progressive deterioration in the availability of trains" which has affected the levels of raw materials stock and has forced the steelmaker to halt production at one of its blast furnaces in Vanderbijlpark.Subscribe to News24 for just R75 per month to read all our investigative and in-depth journalism. You can cancel any time.
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