Cape Town - The Industrial Development Corporation (IDC) is carrying out a twin-pronged strategy of helping to set up five mini steel mills to promote competition in the downstream market while planning to build a bigger mill to focus on exports, said Abel Malinga, the IDC’s divisional executive responsible for mining and manufacturing.
The IDC will work with Chinese investors on the big five million tonne per annum steel mill which will focus on the local and regional export markets, according to Malinga.
Speaking on the sidelines of the Mining Indaba at the Cape Town Convention Centre, Malinga on Thursday said the IDC would be investing a little more than R1bn in five steel mini mills, three of which were already up and running with another two coming on stream in the next year or so.