Industry revenue of “manufacture of structural metal products“ in South Africa 2011-2023
Over the past years, housing and industrial construction and civil engineering activities have witnessed a decline in South Africa, due to cost overruns, a decline in government spending on infrastructural projects and a high unemployment rate. As a result, many related industries have witnessed only tepid growth, with one such being the structural metal products manufacturing industry, as a vast majority of structural metal products such as metal doors, shutters and window frames are used by the construction and engineering sector. Industry revenues are projected to only grow from 3.1 billion U.S. dollars in 2017 to 3.3 billion U.S. dollars by 2023. Moreover, South Africa’s overall steel consumption has also declined from 5 million tonnes in 2014 to 4.7 million tonnes in 2018.
ArcelorMittal shuts down steel plant
Owing to the mounting losses, ArcelorMittal, the largest steel manufacturer in South Africa and indeed the world, has shut its plant located in the town of Saldanha, near Cape Town. As per data from the business standard, the company reported a net loss of 539 million U.S. dollars for the financial quarter ending September 2019, due to the higher material costs and lower steel shipment prices.
ArcelorMittal shuts down steel plant
Owing to the mounting losses, ArcelorMittal, the largest steel manufacturer in South Africa and indeed the world, has shut its plant located in the town of Saldanha, near Cape Town. As per data from the business standard, the company reported a net loss of 539 million U.S. dollars for the financial quarter ending September 2019, due to the higher material costs and lower steel shipment prices.
