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SA nears iron ore, steel export tax

Dec 06 2012 13:01 Sapa

Company Data

ARCELORMITTAL SOUTH AFRICA LIMITED [JSE:ACL]

Last traded 38.26
Change -0.59
% Change -0.02
Cumulative volume 502488
Market cap 17.05bn

Last Updated: 24/04/2014 at 03:15. Prices are delayed by 15 minutes. Source: McGregor BFA

KUMBA IRON ORE LIMITED [JSE:KIO]

Last traded 385.11
Change 10.88
% Change 0.03
Cumulative volume 485929
Market cap 124.04bn

Last Updated: 24/04/2014 at 03:17. Prices are delayed by 15 minutes. Source: McGregor BFA

ANGLO AMERICAN PLC [JSE:AGL]

Last traded 280.58
Change 7.17
% Change 0.03
Cumulative volume 1825320
Market cap 394.35bn

Last Updated: 24/04/2014 at 03:17. Prices are delayed by 15 minutes. Source: McGregor BFA

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Cape Town - The cabinet has endorsed a report recommending the introduction of export taxes on iron ore and steel, where appropriate, to push producers to sell more of their products domestically. 

The government has been looking to protect local manufacturers who have been struggling to pay export-level prices. 

"The manufacturing industry has been seriously impacted by the price increases that happened globally in iron ore, which means iron ore producers have been biased towards exports, disadvantaging the local market," Phumla Williams, a cabinet spokesperson, told reporters on Thursday. 

The recommendations, scheduled for "urgent implementation", also seek to boost the domestic use of steel, especially as South Africa embarks on a massive infrastructure investment programme that includes new railway lines and ports. 

Williams could not provide details on the potential tax but said the relevant ministries, which include the departments of minerals, trade and finance, would look into its implementation. 

The market is currently dominated by iron ore producer Kumba Iron Ore [JSE:KIO], a unit of Anglo American [JSE:AGL] and the continent's biggest steel maker ArcelorMittal South Africa [JSE:ACL].

 

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