UNDICTATED: Why steelmaker AMSA forced into 35% downsizing. Hint: Eskom, Transnet.

--:--
This week’s shock announcement that South Africa’s dominant but loss-making steelmaker Arcelor Mittal is cutting its 10,000 workforce by 35%, is a case of gradually….then suddenly. For the past five years, this one-time major exporter has been pleading for sanity from Pretoria. With ever-growing problems at Eskom and an imploding Transnet, AMSA is now being forced to close the gigantic long steel plant at its Newcastle Works, which will lead to laying off over 2,000 of the 3 500 affected group-wide. It is a massive blow for the KZN town where AMSA is easily the biggest private sector employer. In this episode of UNDICTATED, BizNews’s Newcastle-grown editor Alec Hogg gets the what’s, why’s and how’s from AMSA chief executive Kobus Verster.
29 Nov 2023 10AM English South Africa Investing · Business News

Other recent episodes

RAF losing R3bn a year to opportunistic loss of income claims

The beleaguered Road Accident Fund (RAF) is losing an estimated R3 billion a year to opportunistic loss of income claims from people who suffered only minor injuries in a motor vehicle accident. In this interview with BizNews, actuary and damages expert Gregory Whittaker shares his research for the Actuarial Society…
29 Feb 4AM 11 min

Revisiting Ginsberg’s brilliant Nov ’22 tech stock call - says boom not over

Innovative international index fund company Ginsblobal’s South African founder made a very public and as it happens, accurate call back in November 2022. In this interview, we revisit Anthony Ginsberg’s view that the tech wreck was overdone - plus he shares thoughts on what lies ahead for tech stocks, including…
28 Feb 7AM 21 min

How TUKS, a heavyweight in vet science, is harnessing alumni to boost funding

Universities globally, like Harvard, are significantly funded by their alumni, with Harvard’s endowment reaching over $50 billion in 2022 due to philanthropy. In South Africa, however, universities face financial challenges due to substantial government spending cuts and tuition fee increase restrictions. This has led the University of Pretoria (TUKS) to…
27 Feb 5AM 19 min