Data provided by iNet BFA
Loading...
See More

SA nears iron ore, steel export tax

Dec 06 2012 13:01 Sapa

Company Data

ARCELORMITTAL SOUTH AFRICA LIMITED [JSE:ACL]

Last traded 36.00
Change -2
% Change -0.05
Cumulative volume 1419337
Market cap 16.05bn

Last Updated: 01/08/2014 at 04:25. Prices are delayed by 15 minutes. Source: McGregor BFA

KUMBA IRON ORE LIMITED [JSE:KIO]

Last traded 369.62
Change -5.42
% Change -0.01
Cumulative volume 348868
Market cap 119.05bn

Last Updated: 01/08/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

ANGLO AMERICAN PLC [JSE:AGL]

Last traded 285.00
Change -4.62
% Change -0.02
Cumulative volume 1115560
Market cap 400.56bn

Last Updated: 01/08/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Kumba warns of 20% profit knock

Minas Rio unlikely to cost less than $8bn

Moisture issues hampering ArcelorMittal

Anglo third-quarter volumes up

Kumba production increases

Investors dump Anglo

 

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].

 

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest

iron ore  |  steel  |  mining tax
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Disregard of interest rate impact deplored

A Fin24 user protests what he sees as disregard of the broader impact of increased interest rates on those who cannot yet say "bring it on" with a smile.

 
 

Start saving...

No need to keep up with the Joneses
Where can you stash your cash?
Time the key for retirement saving
Dummy's guide to saving

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...