• Latest
  • Trending
ArcelorMittal considers job cuts, restructuring

ArcelorMittal South Africa paying first fine instalment in parts

December 18, 2017
President John Magufuli died from coronavirus, says Tanzania opposition leader

President John Magufuli died from coronavirus, says Tanzania opposition leader

March 18, 2021
Four dead, 16 injured in Eastern Cape crash

Police officers arrested for the killing of Mthokozisi Ntumba to appear in court

March 17, 2021
Armed men attack passenger convoy and village in Niger, killing 58

Armed men attack passenger convoy and village in Niger, killing 58

March 17, 2021
Ramaphosa vist EFF’s Seshego stronghold, says corrupt people will be jailed

CR17 bank statements never entered into court records: Lawyer

March 17, 2021
City of CT ‘managing’ load shedding as power cuts hit SA again

Eskom says possible heavy load shedding this winter if capacity is not met

March 16, 2021
EFF Student Command at UP calls for postponement of 2021 academic year

EFF Student Command at UP calls for postponement of 2021 academic year

March 16, 2021
Pick n Pay agrees to cap ginger and garlic pricing

Pick n Pay agrees to cap ginger and garlic pricing

March 15, 2021
TUT students won’t be joining nationwide fees protest, for now

TUT students won’t be joining nationwide fees protest, for now

March 15, 2021
Survivors of Equatorial Guinea blasts recall trauma

Survivors of Equatorial Guinea blasts recall trauma

March 15, 2021
Hundreds of drunk drivers arrested in Gauteng

JMPD deploys officers in Joburg CBD ahead of student protests

March 15, 2021
Students can apply for payment plans to cover registration fee: UWC

Nationwide university shutdown

March 15, 2021
ANCWL in the North West backs embattled Mahumapelo

Mahumapelo calls for removal of Dodovu

March 15, 2021
  • Latest
    • Community
    • Africa
    • International
  • Sport
  • Business
    • Finance
    • Technology
    • Motoring
  • People
    • Opinions
    • Health
  • Politics
  • Media
    • Entertaiment
    • Social Media
    • Media
  • Public Statement
Wednesday, April 21, 2021
  • Login
TP
  • Latest
    • Community
    • Africa
    • International
  • Sport
  • Business
    • Finance
    • Technology
    • Motoring
  • People
    • Opinions
    • Health
  • Politics
  • Media
    • Entertaiment
    • Social Media
    • Media
  • Public Statement
No Result
View All Result
  • Latest
    • Community
    • Africa
    • International
  • Sport
  • Business
    • Finance
    • Technology
    • Motoring
  • People
    • Opinions
    • Health
  • Politics
  • Media
    • Entertaiment
    • Social Media
    • Media
  • Public Statement
No Result
View All Result
TownPress
No Result
View All Result
Home Business

ArcelorMittal South Africa paying first fine instalment in parts

December 18, 2017
in Business, Community
0
ArcelorMittal considers job cuts, restructuring

Workers stand near the logo of ArcelorMittal, the world's largest producer of steel, at the steel plant in Ghent, Belgium, July 7, 2016. REUTERS/Francois Lenoir

161
SHARES
798
VIEWS
Share on FacebookShare on Twitter

JOHANNESBURG – ArcelorMittal South Africa, which has agreed to pay a 1.5 billion rand ($116.85 million) fine for colluding to fix steel prices in five instalments, will be allowed to pay the first of those in three parts, the steelmaker said on Monday.

The company, majority-owned by ArcelorMittal, said it had reached an agreement with South Africa’s Competition Commission to divide the first payment into three tranches of 100 million rand ($7.79 million) each.

“The Commission has taken into account the company’s financial position, resulting from the tough trading conditions in the global and local steel industries,” ArcelorMittal said.

The steelmaker has had to cut jobs and restructure to stem losses and has called for emergency steel tariffs to be imposed to protect the local industry against cheap imports.

The company agreed last year to pay a record 1.5 billion rand ($116.85 million) fine in five annual instalments of no less than 300 million rand each.

It has paid 100 million rand and will pay a second and third instalment of that size on April 1 and July 1, it said, before reverting to annual payments of at least 300 million, as agreed.

The Competition Commission also imposed a five year-long 10 percent cap on the company’s EBIT margin on domestic sales of flat steel products.

It launched an investigation in 2008 after concerns were raised that steel mills had been charging import parity prices, or prices that consumers would pay if they imported steel, since 2002.

Comments

Tags: ArcelorMittal
Share65Tweet40Share11Share16Send
Previous Post

Dollar bonds extend gains as Ramaphosa elected ANC leader

Next Post

Mikel plans to stay in China despite Everton transfer rumours

Next Post
Mikel plans to stay in China despite Everton transfer rumours

Mikel plans to stay in China despite Everton transfer rumours

Please login to join discussion
No Result
View All Result
Currently Playing

SAElections2019 Indelible Ink & Election Fraud

SAElections2019 Indelible Ink & Election Fraud

00:01:40

Why would Mampintsha assault Babes Wodumo?

00:00:40

Alph Lukau “raising the dead” is a fraud

00:01:36

Moozlie Mabena involved in a live video crash

00:00:58

Welkom Hijack Man shot in parking lot

00:01:04

Female theft suspects tries to evade guards at Clear Water Mall

00:01:48

Franchise Driver on duty with sex worker

00:00:47

Courageous female driver attack hjackers on driveway

00:01:33

University of Zululand Student stabbed to death by roommate

00:00:41

Vehicle High Jacking on Cedar road, Midrand

00:01:57

Watch thief steal a Hilux in Bloemfontein

00:01:05

Watch Mosque Shoe snatchers in action

00:00:43

Watch these Unbelievable Shoplifters Caught with the Loot

00:03:13

Journalist attacked by EFF Floyd Shivambu and security details

00:00:43

Attempted cash in transit heist by DSTV office in Randburg

00:00:48

KFM Presenters and the Three Rs Blunder

00:00:59

SAPS Higspeed chase

00:01:08

Ruthless home invaders in westrand

00:01:30

Dj Khomza bashes girlfriend with a spanner

00:01:56

Daybreak Robbery in Auckland Park

00:01:15

Fake Police arrested in Johannesburg

00:01:00

#MduduziManana assault video at Cubana

00:00:29

Racial assault of couple at KFC montana

00:01:22

Smart Porsche driver escapes hijackers in Johannesburg

00:00:49

VW Polo Hijack at Kempton Park filling station

00:02:13

Women caught husband cheating and jumps on Carhood

00:02:02

Carlton Centre, Joburg Heist

00:01:06

Did Malema call Mandela a Sellout ?

00:02:01

Petrol Attendant beat up a man

00:01:01

Car Hijack gone wrong

00:02:15

Armed robbery in Alberton

00:00:52

Mother and son in Polokwane attacked by panga wielding robbers

00:02:04

Hyundai i10 Hijacking in Chatsworth

00:00:59

Check more Videos on Youtube

Connect

Connect
TownPress

Copyright © 2021 Townpress.

Navigate Site

  • Terms and conditions
  • About Us
  • Subscription
  • Contact
  • Account

Follow Us

No Result
View All Result
  • Latest
    • Community
    • Africa
    • International
  • Sport
  • Business
    • Finance
    • Technology
    • Motoring
  • People
    • Opinions
    • Health
  • Politics
  • Media
    • Entertaiment
    • Social Media
    • Media
  • Public Statement

Copyright © 2021 Townpress.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Go to mobile version
This site uses cookies to improve user experience: Find out more.