FOREIGN investors collectively own 60% of former steel parastatal Iscor, chairman Hans Smith announced on Monday. Active trading in the firms shares drove the price up from 100c per share to around 150c. Take-over speculation has been rampant but Smith indicated no formal approaches. The change in ownership has been rapid since, at privatisation in 1995, the firm had no foreign owners. Smith believes these foreign investors are taking a long term view rather than jumping in and out of South Africa’s market quickly in response to market moves. On the other hand, says Smith, these investors have no loyalty and will sell if corporate strategy disappoints them.