Some 45 000 tons of Sappi’s inventory (including 30 000 tons of dissolving pulp) were damaged due to the flooding in KwaZulu-Natal, while the company also suffered lost production of 23 000 tons.
The company expects insurance payouts of around $28 million , which means there will be no material impact on its profit for the year.The Tugela and Stanger mills are fully operational, while the Saiccor Mill will take a few days to ramp up to full capacity.
The company said its immediate focus is on reinstating logistical supply chains for raw materials and finished goods. "Although the Port of Durban resumed operations, export deliveries could be impacted negatively for a few weeks due to damage to access roads, congestion and limited availability of vessel space," Sappi said.
Damage to public infrastructure - including rail and road connections - will take time to restore, but alternative transport arrangements have been made, Sappi says.In times of uncertainty you need journalism you can trust. For only, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Will the R8,000 KZN rebuild voucher be enough?The government is planning to give flood victims R8,000 vouchers to purchase building materials. Other steps include erecting temporary housing units on stands where it is safe to rebuild damaged homes.
Read more »
How much money you would have if you invested R1,000 in Vodacom, MTN, or Telkom 10 years agoThis is how much money you would have if you invested R1,000 in Vodacom, MTN, or Telkom 10 years ago.
Read more »
Moscow has deported 500 000 people to Russia, Ukraine lawmaker says - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Moscow has deported 500 000 people from Ukraine to Russia, a leading member of the parliament in Kyiv told European lawmakers on Wednesday, calling on the Red Cross to establish contact with those missing.
Read more »
Sappi claims $28m from insurers for flood damage and lost productionPaper producer says it lost an estimated 23,000 tonnes in production and 45,000 tonnes of inventory in warehouses 🔒
Read more »