ArcelorMittal South Africa Scraps Steel Surcharge

28th Jul 2010 09:01

By Robb M. Stewart Of DOW JONES NEWSWIRES JOHANNESBURG (Dow Jones)--South Africa's largest steel producer, a unit of ArcelorMittal (MT), said Wednesday it has scrapped a surcharge on its products after agreeing a stopgap deal with its primary iron ore supplier in a dispute it continues to contest. ArcelorMittal South Africa Ltd. (ACL.JO) added the charge after Kumba Iron Ore Ltd. (KIO.JO) withdrew from a favorable pricing arrangement and began charging market prices for ore from its main Sishen mine. "We have reverted to a single all-in price" for domestic customers, said Nonkululeko Nyembezi-Heita, chief executive officer of the steel company. -By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848; [email protected] (END) Dow Jones Newswires July 28, 2010 04:01 ET (08:01 GMT)