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Highveld BoD decide to file for business rescue

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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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For further information:

 

Media Relations:

London: +44 207 832 8998               Moscow: +7 495 937 6871

media@evraz.com

 

Investor Relations:

London: +44 207 832 8990                             Moscow: +7 495 232 1370

ir@evraz.com

 

 

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.

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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