The IDC will not forward its R2bn share of the proposed recapitalisation of Saldanha Steel before a comprehensive rescue plan has been drawn up and approved. Talks are underway with unions and other parties after which a further meeting with the management of Iscor will be scheduled. Brian Menell of Avmin said that 75% of Iscor shareholders had agreed that there would be zero tolerance of lack of performance, delivery and focus.
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