World Economy

S. Africa Steel Production Rises 9.9%

S. Africa Steel Production Rises 9.9%S. Africa Steel Production Rises 9.9%

South Africa’s steel production grew by 9.9% year-on-year in September to 556,000 tons, after surging by 24.4% in August, and following July’s 6.3% decline and June’s 15.9% plunge, according to the World Steel Association, reported. The 8.2% rise in steel production in the third quarter may indicate that GDP growth in the second half of this year could be far higher than the 1.1% increase achieved in the first half of the year when steel production declined on a year-ago basis. The rebound in steel production is reflected in the fourth consecutive month of year-on-year increases in new vehicle sales, as well as vehicle exports. The September rise in steel production was foreshadowed by the 11% increase in new vehicle exports to a record 36,359 units. Meanwhile, Africa must double its spending on infrastructure over the coming years, the Infrastructure Consortium for Africa said last Thursday, warning that overall investment in transport, energy, water and IT/communications fell back last year.


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