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Evraz Highveld Steel and Vanadium's net loss of R302m

Evraz Highveld Steel and Vanadium has reported a net loss of R302m for the 6 months to June from a loss of just R10m at the same time a year ago.

30 Sep 2014

Evraz Highveld Steel and Vanadium has reported a loss of R302m this year after strikes hurt the local steel market. Image: Evraz Highveld Steel and Vanadium

It has blamed the poor performance on the five month platinum industry strike that had a marked effect on steel consumption in the South African market.

Domestic steel sales decreased by 13% from 264‚295 tons to 230‚841 tons for the period‚ while production of lump ore had decreased by 7% to 700‚011 tons during the period compared with 754‚ 566 tons a year earlier.

An operating loss of R271m was reported from a profit of R49m and this was mainly attributed to lower equipment availability and poor steel plant and structural mill yields.

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za