The world's second-largest ferrochrome producer could shed nearly 2,500 jobs. Weak chrome prices and Eskom blamedSamancor Chrome, one of the world’s largest sources of the stainless steel ingredient, warned its unions on Monday that it could cut up to 2,488 jobs because of a global downturn in the chrome price and a rise in Eskom’s electricity prices.
Business singles Eskom out as the biggest crisis facing SA’s economy, and it has, through Business Unity SA, the council and other bodies, called for urgent action from the government to fix the power utility, one of the state businesses at the forefront of corruption and mismanagement. “This drop in the chrome-ore prices, linked with the continuous increase of cost of production and low productivity, makes the situation unsustainable,” said the privately held company.
Tharisa, a chrome-ore and platinum-group metals miner, warned in November that the fall in chrome prices was leading to small-scale chrome producers closing and others curtailing production.
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