SALDANHA Steel, the 50-50 joint venture between Iscor and the Industrial Development Corporation (IDC), was likely to cost the partners more than R1bn each this financial year, the IDC warned last week. In its latest annual report, the IDC said Saldanha would lose R737m next year, 22% less than this year’s R945m loss, Business Report said. Iscor and the IDC each had to recapitalise Saldanha with equal injections of R600m in August. The newspaper quoted Khaya Ngqula, the chief executive of the IDC, saying he expected a further recapitalisation would be needed before too long. IDC and Iscor officials met last week to discuss the future of Saldanha. Ngqula said the turnaround of Saldanha should be agreed within the next year. Iscor lost 80c to close at R11 on Friday.