AMSA confirms Newcastle output has ceased, moves to appeal Labour Court decision
JSE-listed steel producer ArcelorMittal South Africa (AMSA) has confirmed that production has ceased at the Newcastle Works, in KwaZulu-Natal, and that the process to place its long-steel business into care and maintenance is proceeding.
In a further cautionary announcement to shareholders, the JSE-listed company said that limited trading would continue to “despatch the remaining stock”.
“Engagements to explore alternative solutions continue. Further announcements will be made in relation to these matters as and when appropriate,” AMSA said in a statement, which came amid reports suggesting that the company could be sold.
“Accordingly, shareholders are advised to continue to exercise caution when dealing in the company’s securities until a further announcement is made.”
AMSA also confirmed that it had applied for leave to appeal a Labour Court judgment stipulating that retrenched workers from its longs operations in Newcastle and Vereeniging be reinstated.
The National Union of Metalworkers of South Africa approach the court in early October seeking an interdict to compel AMSA to either issue a new Section 189 retrenchment notice, or to engage in further consultations under a notice issued in January.
AMSA confirmed that the court found that the company should conduct further consultations, that no further dismissals should take place until these consultations were completed and that employees should be reinstated.
“ArcelorMittal South Africa has applied for leave to appeal the decision.”
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