25 June 2004
	SA's Top 20 Companies 7 ISCOR Total score: 56,9 Historic score: 38 FM's score: 69

For years, the standard joke about Iscor was that it was a great mining company; just a pity about the clapped-out iron works. But since the mining side was hived off into Kumba, the traditional iron and steel side has been rejuvenated. Two years ago, Kumba and Iscor each had a market cap of just over R10bn. Kumba still does, but Iscor's is now pushing R15bn; and it has one of the world's biggest steel groups, LNM, as its largest shareholder. Steel users are less happy than investors, though, accusing Iscor of monopolistic practices and of holding the local market to ransom.