Cramer Media reported that ArcelorMittal South Africa has reviewed that position and will now cut an additional ZAR 1,000 per tonnes off its long and flat-steel base prices. The group has sent notices to its customers indicating that the cut will result in average declines of between 12% and 16% over the various grades that it produces.

The letter, which is dated November 19th 2008, replaced a previous notice sent out in late October in which the rollover was indicated, and the company said that new price lists would be published soon.

The December cut would be the third successive monthly price reduction since October, when the company made its first cut for the year and reduced its prices by an average of 5%. It also follows on from the 10% cut announced as from November 1.