Coega metal cluster gets its first investor

Ferrostaal to set up strip mill ED RICHARDSON GERMAN INDUSTRIAL group MAN Ferrostaal has announced the first investment in the Coega Industrial Development Zone’s ferro-metal cluster. Ferrostaal has approved a €80m (R640m) investment for the first phase of a stainless steel precision strip mill in the zone, with €120m (R960m) envisaged in a second phase. The project needs the approval of its 26% partner, the Industrial Development Corporation, but no obstacles are expected, according to a recent presentation to Parliament’s trade and industry committee by trade and industry deputy director-general Lionel October. The ferro-metal zone is one of a series of clusters being developed at Coega. These include an integrated stainless steel complex, an aluminium smelter, two ferro-manganese plants, as well as ferro-nickel and ferro-chrome smelters.