state of the stainless steel nation
Two Sides to the Stainless Steel Coin in 2024
2024 has been a year of contrasts for South Africa’s stainless steel sector with macroeconomic improvements like stable electricity and a stronger Rand tempered by sector- specific challenges. Despite these challenges Sassda Executive Director Michel Basson says the Association remains steadfast in its commitment to driving innovation and local growth...
1. How would you categorise 2024 for the South African stainless steel sector and what have been the key achievements and most pressing challenges? There are two sides to the coin when reflecting on 2024. The year began with trepidation, mainly due to uncertainty surrounding electricity supply and the national elections. However, as the year progressed, uninterrupted electricity became a lasting reality. Additionally, the Rand strengthened after an election that demonstrated mature political behaviour, coupled with lower inflation and interest rates. Despite these positive macroeconomic indicators, the stainless steel sector has not experienced a corresponding increase in activity. Apparent consumption of stainless steel contracted by 16% during 2023, as illustrated in the graph on the right, bringing an end to the growth phase that began in 2021.
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Issue 4 – 2024
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