After nearly thirty years of rule by a party which embraced the motto of “nationalizing the mines, banks and monopoly industry” South Africa will soon be at the point where there is nothing left to nationalize anyway.
ArcelorMittal South Africa (ACLJ.J) shares tumbled nearly 14% on Tuesday after the company said it plans to close its long steel operations due to weak demand and persistent infrastructure problems, potentially affecting 3,500 workers.
The company said steel consumption in Africa’s most advanced economy has fallen 20% over the past 7 years, due to limited spending on infrastructure and project delays.
The country’s persistent rail logistics problems and an intensifying electricity crisis had also added costs to the business…
I was in SA in 2019 and was amazed at the money being squandered on wind mills. In Namibia, the concern was collapse of SA, which would quickly mean chaos in Namibia. Zimbabwe was viewed as a basket case. But, wherever I went, everybody had a cell phone…..
Very likely the Canadian Apartheid System will end in the very same way.
Looted to pieces.
If the West does not separate,the kleptocracy will last longer.
How does the old wisdom go?
Democracy lasts as long as it takes for the voters to realize they can vote themselves wealth by taking it from the productive.
And then the production stops.
The way I heard it was, “Democracy lasts until the general populace comes to realize, that they may vote themselves largesse from the public purse.”
There is no place for steel in an indigenous economy. The End; in so very many ways.
Yep. We’re all Zimbabwe now …
https://www.wmay.com/2023/11/29/us-steel-announces-its-set-to-permanently-layoff-one-thousand-employees-in-illinois-even-with-uaw-strike-resolved/
Those that have interest in the affairs of men, expected the decline of South Africa as a given.
You can expect the place to return into littered savanna in due time.
I guess people forget Mandela was a Commie.
https://www.sahistory.org.za/sites/default/files/Winnie%20Mandela%20Nelson%20Mandela%20Joe%20Slovo.jpg
Yes and standing next to Mandela is one of the finest examples of why the United States passed the 1924 Immigration act
As the nation regresses to mud huts and starvation there is not much need for steel.
I’m pretty sure I”m not the only person who predicted this outcome.
If you take the guys running the company…and replace them with the guys who empty the trash bins at the company……
Don’t be surprised when the company becomes a dump.
What an awesome testament to the greatness of whites that thirty years after the end of white rule that South Africa is still the most advanced country in Africa, in spite of blacks doing everything they can to wreck it.
Doesn’t need steel to build a mud hut.