Board of Directors of EVRAZ Highveld Steel and Vanadium decides to file for business rescue
The Board of Directors of EVRAZ Highveld Steel and Vanadium (“Highveld” or the “Company”) decided to file for voluntary business rescue procedures.
EVRAZ acquired 85% of Highveld shares in 2007 and announced its intention to divest the asset in 2013. Post this decision EVRAZ will not be able to complete the sale of 34% of the issued share capital of the Company to Macrovest 147 Proprietary Limited, as announced on 13 August 2014. Starting April 14, 2015 EVRAZ Highveld Steel and Vanadium will be managed by an independent business rescue practitioner appointed by the Board of Highveld.
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