Africa's biggest steelmaker ArcelorMittal South Africa, (ArcelorMittal SA), controlled and majority owned by steel giant ArcelorMittal, has cut prices of all its steel products by between five and eight percent due to the continuing slump in steel demand.
According to ArcelorMittal SA's spokesperson Sven Lunsche, flat and long steel product prices will drop on average by ZAR 500/mt ($53/mt) for orders confirmed for delivery from April 1, 2009.
Mr Lunsche added, "The main reason for the decline is a slightly stronger rand against the dollar and a continued decline in overseas steel prices that we monitor."
ArcelorMittal SA reduced prices by about 40 percent in October through January as the recession in the world's biggest economies tightened demand, though prices subsequently remained unchanged in February and March.
Meanwhile, Mr Lunsche stated, the company also decided to extend its 35-40 percent production cut in the first quarter into April; however, he didn't comment on whether the cuts would continue beyond the end of the month.