South Africa’s Robor goes into liquidation
South African steel pipe and tube producer Robor has been placed into voluntary liquidation, Steel Business Briefing (SBB) reported referring to investment holding company Tiso Blackstar, which holds a 47.61% stake in the steelmaker.
The liquidation process was triggered due to weak domestic demand combined with a decline in South Africa’s economy and cheap Chinese imports. Tiso Blackstar also underlined that it blamed the country’s government for not extending import duty and tariff protection to downstream industries.
Furthermore, the South African government delayed the signing of independent power producer agreements. The financial demise of state utility Eskom also hurt the country’s steel tube and pipe manufacturing sector, SBB added.Original source: SBB