The United National Transport Union, the majority labor group at state-owned Transnet SOC Ltd., began the strike on Oct. 6. The South African Transport and Allied Workers Union, the second-biggest employee group, and other smaller unions will also halt work from Monday, Cobus van Vuuren, Untu’s general secretary, said Sunday in an interview.
Kumba Iron Ore Ltd. said the disruption will impact its 120,000 tons a day of export sales. Output will be hobbled by 50,000 tons a day for the first week of the strike and jump to 90,000 tons after that, according to a company statement. Shares of Kumba fell as much as 3.9%, the most in a week, on the Johannesburg Stock Exchange on Monday, while those of Thungela dropped as much as 4.1%.The labor dispute also poses a risk to South Africa’s food and beverages industry, said Wandile Sihlobo, chief economist at the Agricultural Business Chamber of South Africa.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: TheSAnews - 🏆 25. / 59 Read more »