South Africa regrets privatizing steel giant decades ago as it embarks on $100 billion infrastructure programme

Expressing regret that South Africa had sold off its steel-producing state-owned enterprise (SOE), Iscor, Public Enterprises Minister Malusi Gigaba said that government may enter the steel production industry through the creation of either a new state-owned company or a public-private partnership.

According to Business Report, Gigaba said that, as a consequence of the sale of Iscor, and the fact that price of steel was “so expensive”, South Africa faces a costly procurement process, as it moves to increase freight and passenger rail rolling stock, as part of a R800 billion capital expenditure programme.