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Evraz Highveld Steel and Vanadium announces business rescue

EVRAZ Highveld Steel and Vanadium announced on Tuesday it is commencing with voluntary business rescue proceedings in terms of section 129 of the Companies Act.

The company said it did not have adequate funding to meet its obligations for the short term. This was primarily as a result of historical operational difficulties and sustained financial losses within a capital-constrained operating environment.

The group’s financial position had further been negatively affected by weakened global steel and vanadium markets and a severe reduction of domestic steel demand, it said.

Evraz has been untraded over the past month. It has a market cap of R163m.

The company has applied for the suspension of its listing on the JSE.

 

Source – Business Day Live