https://www.engineeringnews.co.za

Evraz continues talks with potential Evraz Highveld buyers

21st May 2014

  

Font size: - +

JSE-listed steel group Evraz Highveld Steel and Vanadium on Wednesday renewed its cautionary announcement, saying its parent company Evraz is still in negotiations with potential buyers for its 85% shareholding in the South African business.

“Shareholders are advised that negotiations with potential purchasers remain incomplete, confidential and nonbinding, and hence there is still no certainty whether a transaction will take place,” Evraz Highveld stated.

The Russian group announced a $320-million deal with black economic-empowerment consortium Nemascore in March 2013, which it had planned to conclude by the end of that year. However, in February this year, Evraz revealed that it was also in discussions with other potential bidders. These potential bidders are understood to be conducting due diligence investigations into the affairs of the company.

The Russian group bought the South African steel business from Anglo American in 2006.

Evraz Highveld reported a loss of R379-million in the year ended December 2013, which is an improvement on the R943-million loss of 2012.

Edited by Creamer Media Reporter

Comments

Showroom

Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.074 0.13s - 157pq - 2rq
Subscribe Now