Ispat Iscor to reduce steel prices
South African steel producer Ispar Iscor announced that it will decrease domestic steel prices by 4-8%, effective February 2005.
Company officials expressed that the stability of international prices in recent months, coupled with a strong Rand, encouraged the company to revise its prices downwards.
Ispat Iscor disclosed that the price cuts will affect flat and long steel products. The price reduction on side flat products will be 8% for plates and 4% for color-
coated steel.
The average price reduction on long products will be 5%.
Moreover, Ispat Iscor announced that it received approval from the South African government to undertake a new project that will allow the manufacturer to increase its coke
production to 850'000 tons. The company's current coke
production capacity is 400'000 tons.