HomeBusiness DigestSteelnet ventures into SA market

Steelnet ventures into SA market

Shakeman Mugari

STEELNET Zimbabwe Ltd says it has begun making significant inroads into the lucrative South African market as the group presses ahead with its regional thrust.

face=”Verdana, Arial, Helvetica, sans-serif”>Managing director David McCann told the company’s annual general meeting: ” The three divisions of Steelnet have made some significant sales in South Africa. We are a little less than 10% but the progress is encouraging.”

The sales are also expected to make an impact on the total group earnings.

McCann said of the total volume exports contributed 25% of which South Africa accounts for close to 10%.

He said the reception of the market had been encouraging and the company hoped to consolidate the market share.

McCann said export volumes in the market had increased and were well ahead of budget.

The company said there were plans to increase exports.

He said: “The company expects to export more and more of the value-added products to have a better footing and will take advantage of Zimbabwe’s conversion situation”.

Steelnet also exports to Botswana and Zambia where the products are reported to be gaining a huge market share. McCann told shareholders that the volume of local sales was up on last year in Hastt.

BMA and TPI are also ahead of the management expectations driven mainly by a slight jump in the demand for the product.

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