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August 29, 2015 5:55 PM ET

Metals and Mining

Company Overview of Evraz Highveld Steel & Vanadium Ltd.

Company Overview

EVRAZ Highveld Steel and Vanadium Limited produces and sells iron ore, flat products, and steel and vanadium slag in South Africa, Africa, the Americas, Europe, and Australasia. It provides steel products, including cast billets as semi-finished products for producing rebars and merchant bars; structural products for the construction, transportation, and mining industries; and flat products that are used in the construction, fabrication, engineering, and ship-building industries. The company also offers vanadium slag for the conversion into ferrovanadium, which is used as a steel additive in high-strength steels. It was formerly known as Highveld Steel and Vanadium Corporation Limited and ch...

Old Pretoria Main Road

eMalahleni,  

South Africa

Founded in 1957

2,048 Employees

Key Executives for Evraz Highveld Steel & Vanadium Ltd.

Evraz Highveld Steel & Vanadium Ltd. does not have any Key Executives recorded.

Evraz Highveld Steel & Vanadium Ltd. Key Developments

Evraz Highveld To Sell Mapochs Mine

Evraz Highveld Steel & Vanadium Ltd. (OTCPK:HGVL.Y) is seeking to sell Mapochs Mine (Proprietary) Limited for $10 million. A number of preferred bidders were selected in July 2015 and due diligence would be finalized and closed by August 21, 2015. The bids will be evaluated between August 24, 2015 to August 27, 2015. The winner of the bid will be chosen on August 28, 2015.

Evraz Highveld Steel & Vanadium Confirms 50% Cut in Workforce

Evraz Highveld Steel & Vanadium confirmed that it will cut its workforce from about 2,200 employees to about 1,100 employees. The company announced proposals to cut staff levels by 50% in July, following news that it had temporarily ceased steel and vanadium slag production at its steelworks in South Africa. Evraz has now confirmed its proposed restructuring will go ahead, under the terms of section 189 of the South African Labour Relations Act.

Evraz Highveld Steel & Vanadium to Suspend Steel Production

Evraz Highveld Steel & Vanadium has decided to suspend steel production, despite successful efforts to reduce costs and increase efficiency at the plant. The decision to suspend production was made due to insufficient working capital and weak demand. As part of the restructuring, there are also plans to reduce the plant's workforce by half. The proposal will be discussed with plant employees and union representatives over a period of 60 days.

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