South Africa Signs Plan to Support $44 Billion Steel Industry

South Africa has signed a plan to support its steel industry, the Department of Trade, Industry and Competition said.

The so-called Steel and Metal Fabrication Master Plan agreed by the government and stakeholders in the industry that contributes 600 billion rand ($43.7 billion) to gross domestic product “provides a blueprint for the industry to re-energize itself and expand production,” the department said Sunday in a statement posted on its website.

The plan comprises six priority areas, including addressing supply- and -demand-side measures and agreements related to African Continental Free Trade Area, the world’s biggest free-trade zone, the department said without giving details. An oversight council made up of 35 members of industry, labor groups and public sector officials has been set up to drive its implementation, it said.

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