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Evraz records net loss R222m in nine months

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.

5 Dec 2013

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

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.

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