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Evraz records net loss R222m in nine months

5 Dec 2013

Evraz Highveld Steel and Vanadium (EHS) has narrowed its headline loss to R222m for the nine month period to September. The company lost R721m in the same period last year.

EHS has reduced its nine-month loss from R721m last year to R222m this year. Image: Highveld Steel and Vanadium.

The steel producer attributed the improved performance to increased sales‚ higher vanadium prices‚ reduction in costs and the effect of the four-week industrial action last year.

Steel sales volumes increased 11% to 381‚075 tons‚ driven largely by domestic demand‚ while exports declined. Revenue from sales increased from R3.320bn last year to R4.078bn this year.

The company said the global economy remained weak during the third quarter of this year and had not reached the required levels of growth needed to support a strong recovery in steel demand.

It predicted that global steel demand is likely to increase by 3.1% to 1.475m tons in for the whole year following growth of only 2.0% last year..

"Sluggish steel demand combined with excess global steel-making capacity and ongoing volatility in raw material prices are presenting some of the most significant challenges for the sustainability of high-cost steel producers‚" EHS said.

Source: I-Net Bridge

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