MSCSA announces commencement of restructuring process

As many will be aware, the global steel and manufacturing sectors have undergone significant changes over the past few years, and neither South Africa nor MSCSA have been immune to these challenges.

Over the past years, the Company has implemented a number of measures to address the concerns arising from this global context. However, it is now felt that further action is unavoidable.

To this end, we have entered into a process of facilitation, working in collaboration with all concerned parties, including our workforce, union representatives and external stakeholders. Our objective is to be realistic—seeking a way forward that protects both our employees and the future of the Company, within the constraints of the current economic climate.

This process will be conducted as transparently as possible, while also protecting the privacy of those involved. It will be carried out in full compliance with both the letter and the spirit of the applicable legislation.

For further information, please contact:
Paul Fleming (Senior IR Manager) - paul.fleming@macsteel.co.za