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Acquisition crucial to SA steel industry and to local employment

22 Jun 2012

Indian conglomerate Carborundum Universal Limited (CUMI) is to acquire - for an undisclosed amount - KZN industrial plant RHI Isithebe‚ a supplier of critical input material to the hard-pressed steel industry, iafrica.com reports.

The transaction is viewed as pivotal for local employment - as more than 120 industrial workers in the Isithebe industrial zone north of Durban have been assured of employment continuity following the announcement of the transaction.

CUMI's acquisition of RHI is also vital for the supply of key material to the South African steel industry‚ which remains under severe pressure. RHI Isithebe is South Africa's largest fused mineral manufacturing facility and can deliver up to 28‚000 tons a year. Fused minerals are natural minerals that are used to create materials for the steel‚ cement‚ glass‚ non-ferrous metals and abrasives industries. RHI Isithebe is also one of only a few fused mineral plants on the continent.

The transaction is critical to the local communities around Isithebe, one of the original "industrial development zones" created by the DTI that has in recent times seen many firms located there leave or close down. RHI Isithebe is the leading employer of experienced and skilled labour in the area.

Read the full article on http://business.iafrica.com.