Projected sector growth to provide relief for steel industry.
Following its announcement in Janurary of a growth projection of 1.4% for 2017 in the metals and engineering sector, the Steel and Engineering Industries Federation of South Africa (Seifsa) believes that the local steel industry will probably use this bottoming of the trend as an opportunity to hopefully repair balance sheets and enjoy some relief from the persistent contraction of the industry over the past few years.
“Companies would probably need to be convinced that this is a structural shift in the trend [and not a cyclical bounce] so that they can start investing in serious innovation,” says Seifsa senior economist Tafadzwa Chibanguza.
He notes that this development is considered to be significant because the metals and engineering sector has been contracting every year since 2013, with 2016 having contracted by 2%.
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