THE BEST OF THE GPS E-NEWSLETTER
Each month Sassda rounds up a selection of global and local market intelligence articles that are sent to our members in an easy-to-read package of content. They’re designed to highlight pockets of potential growth in demand for stainless steel. Here are some of the best articles from the last few issues...
Coega Steels Mill project in Eastern Cape to provide rolled metal for manufacturing
Coega aims to establish a state-of-the-art R160-Million rolling mill facility project in the Eastern Cape, to be built by next year. CEO of Coega Steels Hassan Khan says that the facility’s modern machinery and cutting-edge technology would catalyze the local manufacturing sector, supplying reliable and efficient sources of steel and finished products to vital industries such as construction, automotive, and infrastructure development...
LNG goes off the boil, but long-term prospects are good
A recent in Stainless Steel World has stated; “The gas squeeze may have eased, but in the medium and long term, demand for LNG is likely to increase. The pattern of trade is changing, with Russia selling more oil and gas to India and China to make up for the markets it has lost in Europe. Meanwhile, Europe is importing more from the USA and Qatar, and even far-off Australia. Germany, which was slow to reduce its dependence on Russia, may have difficulty finding enough energy to power its industries; Italy on the other hand, whose national Eni has many investments in northern Africa, is better prepare...
Hope on the horizon as construction industry adds 104 000 jobs
South Africa’s construction industry has added 104 000 jobs to the economy, outstripping trade by 12 000 new jobs. This comes as the country celebrates a 0.3% decrease in the unemployment rate, according to the Department of Statistics’ quarterly labour force survey for the second quarter of 2023. Eben Meyburgh, CEO of GVK-Siya Zama, one of South Africa’s largest privately owned construction companies, says this could be a sign of a turnaround after years of turmoil…
New R1.4bn shopping mall taking shape in South Africa
Development is progressing on the new 50 000 square metre shopping mall at the heart of a massive new precinct taking shape in KwaZulu Natal. Westown Square is a R1.4-Billion retail centre being built in the Westown Precinct, which will anchor the wider Shongweni Urban Development project, valued at R30-Billion. Westown is a mixed-use precinct within a managed urban environment that has secured and approved development rights of approximately 520 000 square metres of bulk floor area in Shongweni…
Steel industry vital for SA’s industrialisation, Majola says
Trade, Industry and Competition Deputy Minister Fikile Majola has stressed the impact of the local steel industry and its importance to South Africa’s industrialisation, and the challenges that the sector is facing from local and global pressures, emphasising the need to build an “inclusive sector” that contributes to the economy...
Billions in automotive investment pouring into SA
South Africa is experiencing a multi-billion-rand automotive investment boom with the news that multinational automotive group Stellantis has confirmed its intention to invest R3-Billion in South Africa to establish a state-of-the-art greenfields automotive plant at Coega in the Eastern Cape...
Tesla taps stainless steel for long-awaited Cybertruck
Tesla is sourcing some stainless steel panels for the exterior of its new Cybertruck from Finnish supplier Outokumpu Oyj, which has worked to accommodate the electric vehicle’s unconventional design, according to people familiar with the matter. The materials will be shipped to Tesla’s assembly factory in Austin, marking a major product shift for Outokumpu, the people said, asking not to be identified because the contract is private. The Helsinki-based company is Europe’s largest producer of stainless steel, and is well known for working with automakers when making exhaust systems…
SA manufacturing sector needs to find ‘glocalisation’ opportunities
As consumer behaviour and preferences change in the wake of sustainable options, coupled with incoming decarbonised goods trade regimes, it is worth considering more “glocalisation” opportunities for the South African manufacturing sector. This was the consensus reached by a panel on globalisation and localisation during the second day of the 2023 Manufacturing Indaba held earlier this week.…
Transnet & Eskom’s failures have cost South Africa R200bn says Sars boss
South Africa’s Medium-Term Budget Policy Statement reveals a concerning under collection of revenue. Sars commissioner Edward Kieswetter says rolling blackouts and a struggling freight rail system are the culprits, causing a significant contraction in net revenue despite a 7% increase in gross revenue. The mining sector’s profitability decline, marked by a 55% drop in provisional corporate tax collections (R24.6-Billion), is also a major contributor, impacted by lower commodity prices, global growth weaknesses, increased power cuts, and logistical challenges in the first half of 2023/24.….
Kinetiko Energy and IDC to Develop South African LNG Project
Gas exploration company Kinetiko Energy - through its subsidiary Afro Energy - has signed a non-binding Term Sheet with the Industrial Development Corporation (IDC), to co-develop a Joint Venture for the production of the country’s largest onshore Liquefied Natural Gas (LNG) project. Announced on 22 August 2023, the first phase of the project will deliver 50 MW of gas-equivalent energy and is expected to be developed over two to three years. The total cost of the project’s first phase will comprise $57.8-Million in equity from the IDC and $30.8-Million in debt through Afro Energy for a total of $88.6-Million...