South Africa’s Evraz Highveld Steel and Vanadium Limited has announced a curtailment of iron and steel production operations. The company is part of Luxembourg-based Evraz, a vertically integrated steel and mining business with operations in Russia, Ukraine, United States, Canada, Italy, Czech Republic and South Africa.
The work stoppage is part of the company’s ongoing “Business Rescue” plan announced to shareholders in April 2015.
The company says the stoppage results from delayed debtors payments, inadequate cash flow, low demand and poor selling prices that have hindered sustainable operations.
In a statement issued July 20, the company says its has stopped feeding raw materials to its ironmaking kilns, and steel plant and mill operations will be ceased when available stocks have been processed or rolled into saleable products.
The company says it intends to resume production once adequate funding has been secured and steel trading conditions have improved to ensure sustained future financial viability.
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