The COSM Trust created a privately owned fund whose beneficiaries are the exporters of value-added steel products. The objective of the Trust is to promote the export of products of the secondary steel industry in South Africa.
Purpose of the COSM Fund
The purpose of the Fund is to promote the development of the secondary steel industry in South Africa, by means of various incentives, as an expanding market for locally produced primary steel products. This expanding market will enhance South Africa's foreign currency earnings and increase employment opportunities in general and the secondary steel industry's export potential in particular.
An exporter, situated in the Southern African Customs Union, who adds at least 20% in value to the material input cost of locally produced primary steel may claim assistance from the Fund.
The current COSM assistance to exporters is R173 per ton (VAT exclusive) on the net steel content of the manufactured product (From 1 February 2012).
To claim from the Fund
An exporter must register with the Fund to be in a position to claim assistance from the Fund. The claimant has six months from the date of export of his value-added product to submit a claim for COSM assistance.
The rules of the COSM Trust are available on our website.
Contributors to the Fund
The following primary steel producers contribute financially to the COSM Fund:
ArcelorMittal South Africa Ltd
Cape Gate (Pty) Ltd
Evraz Highveld Steel and Vanadium Corporation Ltd
Scaw Metals Group
The Fund is administered and controlled by the South African Iron and Steel Institute. The COSM Committee governs the Fund.
COSM Trust trustees:
Mr Adam Knight
Mr Johann Nel
Mr Riaan Sonntag
COSM Committee Members:
|Mr Adam Knight||Chairman||ArcelorMittal South Africa Ltd|
|Ms Maureen Tshivhase
||ArcelorMittal South Africa Ltd|
|Mr Sidney Farrell||Cape Gate (Pty) Ltd|
|Ms Riana Viljoen
||Scaw Metals Group|
|Mr Johann Nel||SAISI|
|Ms Elizna Bam||Secretary||SAISI|
SAISI Administration Team:
|Mr Johann Nel||Acting Secretary General|
|Ms Elizna Bam||Financial Manager|
|Ms Hannalie Reinecke||Financial Controller (Verification of claims)|
|Ms Elaine Gunning
||Financial Administrator (Processing of claims and verification of concessions)|
|Ms Helena Marais
||Financial Assistant (Registration of claims)|
Correspondence should be addressed to:
Committee for Secondary Manufacture
PO Box 6318