Steel strike: Workers struck while the iron was hot - After almost three weeks, labour and employers have reached a deal — setting the steel industry back on its path to recovery
released last week showed that manufacturing sales of basic iron and steel products improved by 42.2% in August compared to the same month last year.
Last year, Dednam wrote in a policy brief that the pandemic had left the global steel industry “in a disastrous situation, far worse than anything experienced since the beginning of this millennium”. The health crisis led to steel production in South Africa plummeting to a never-seen-before-low. The price rally does not necessarily mean the local industry would have been able to withstand the effects of the Numsa strike, Dednam said. The strike, he said, had been bad for the industry in general.
“There was a moratorium on bargaining last year because unions were alive to the fact that they are in difficult conditions on the back of Covid-19. Now there isn’t a similar discussion when there is an upswing in the sector.” Trentini said the uptick in steel demand and prices would not trickle down to manufacturers and engineers in the sector. “It does not assist the owner-managed engineering workshop in an industrial area, because he is not producing steel. The steel producers are riding on the back of that uptick in the demand for steel, but that’s not trickling down to the over eight and a half thousand engineering companies that are in the industry.
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