STEEL. Prices take a hammering.

Byline: Julie Bain

STEEL Prices take a hammering The talk that consolidation in the world steel industry would reduce the dramatic swings in steel prices, and hence the fortunes of the industry, has come to naught. Rather, the severity and suddenness of this downturn means the old story is playing itself out in SA and around the globe once again. The only difference now is that, in most markets, fewer players are reducing production and cutting staff. In SA, the country's steel makers are cutting production, extending holiday shutdowns and firing nonessential contract workers. The two largest steel makers, Highveld Steel & Vanadium and ArcelorMittal SA (Amsa) have …