Highveld BoD decide to file for business rescue

RNS Number : 1199K

Evraz Plc

14 April 2015

 



Board of Directors of EVRAZ Highveld Steel and Vanadium decide to file for business rescue

14 April 2015 - The Board of Directors of EVRAZ Highveld Steel and Vanadium ("Highveld" or the "Company") decided to file for voluntary business rescue procedures.

EVRAZ acquired 85% of Highveld shares in 2007 and announced its intention to divest the asset in 2013. Post this decision EVRAZ will not be able to complete the sale of 34% of the issued share capital of the Company to Macrovest 147 Proprietary Limited, as announced on 13 August 2014. Starting 14 April 2015 EVRAZ Highveld Steel and Vanadium will be managed by an independent business rescue practitioner appointed by the Board of Highveld.

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EVRAZ is a vertically integrated steel, mining and vanadium business with operations in the Russian Federation, Ukraine, Kazakhstan, USA, Canada, Czech Republic, Italy and South Africa. EVRAZ is among the top steel producers in the world based on crude steel production of 16.1 million tonnes in 2013. A significant portion of the company's internal consumption of iron ore and coking coal is covered by its mining operations. The company's consolidated revenues for the year ended 31 December 2013 were US$14,411 million, and consolidated EBITDA amounted to US$1,821 million. The company's consolidated revenues for the six months ended 30 June 2014 were US$ 6,805 million, and consolidated EBITDA amounted to US$ 1,080 million.

 

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