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Evraz Highveld announces another new CEO

10th October 2014

By: Terence Creamer

Creamer Media Editor

  

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JSE-listed Evraz Highveld Steel & Vanadium, which is undergoing an ownership change, confirmed in late September that Johan Burger had been appointed its new CEO with effect from October 1, 2014, following the resignation of Jan Valenta.

Valenta was appointed in April after Michael Garcia stepped down.

The change followed an earlier announcement that Evraz would sell 34% of its shares in the South African group to Macrovest 147.

The statement was accompanied by news that Barend Petersen, who is also chairperson of De Beers Consolidated Mines, had been appointed chairperson with effect from August 19 and that Evraz would remain a 51% shareholder in Evraz Highveld.

The company also announced that Valery Borisov would take over as CFO with effect from October 1, following the resignation of Olga Luzik.

Evraz Highveld reported a net loss of R302-million for the six months to June 30, 2013, and warned that its revenue would remain under pressure during the second half, owing partly to the effect of strikes in the mining and engineering sectors on steel demand.

The company warned that the domestic steel industry was unlikely to expand significantly in the near future, highlighting weak economic growth prospects and the slow pace of government’s infrastructure programmes as key constraining factors.

Iron output increased by 3% to 343 664 t during the interim period, compared with the same period in 2013, but steel output decreased by 5% to 319 197 t as a result of “operational challenges incurred on the slab caster and the basic oxygen furnaces”.

A total of 26 296 t of vanadium slag was produced in the period, containing 3 332 t of vanadium.

Edited by Martin Zhuwakinyu
Creamer Media Magazine Managing Editor

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