THE UGLY

Finweek English Edition - - IN BRIEF -

The South African econ­omy is shed­ding thou­sands of jobs as fall­ing com­mod­ity prices, ris­ing costs and elec­tric­ity short­ages are forc­ing com­pa­nies to shut down oper­a­tions and cut staff. In the past two months, at least 10 000 job cuts have been an­nounced by min­ing com­pa­nies, while steel mak­ers ArcelorMit­tal, which may shut its Vereenig­ing plant, and Evraz Highveld Steel & Vanadium, which is in busi­ness res­cue, have warned of roughly 2 400 job cuts as they bat­tle to com­pete with cheap Chi­nese im­ports.

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