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Johannesburg - Highveld Steel and Vanadium [JSE:HVL], South Africa's second-largest steel producer, on Monday said it plans to change its name to Evraz Highveld Steel and Vanadium from July this year.
The company said the name change was part of the Evraz Group strategic drive to rebrand the complete group under the Evraz identity.
One of the world's largest vertically-integrated steel, mining and vanadium businesses, Evraz holds an 85.12% stake in Highveld.
"The combination of the two strong brands of Evraz, with its global reach and experience, and of Highveld, with its long-standing history and solid reputation in South Africa, creates synergy which will contribute to the competitiveness of the corporation and strengthening of its market position," said Highveld in a statement to the JSE.
The new name with a JSE code of EHS is expected to take effect from the commencement of business on July 19.
At 10:52 shares in Highveld were trading 48 cents firmer at R77.67 on the JSE.
- I-Net Bridge
The company said the name change was part of the Evraz Group strategic drive to rebrand the complete group under the Evraz identity.
One of the world's largest vertically-integrated steel, mining and vanadium businesses, Evraz holds an 85.12% stake in Highveld.
"The combination of the two strong brands of Evraz, with its global reach and experience, and of Highveld, with its long-standing history and solid reputation in South Africa, creates synergy which will contribute to the competitiveness of the corporation and strengthening of its market position," said Highveld in a statement to the JSE.
The new name with a JSE code of EHS is expected to take effect from the commencement of business on July 19.
At 10:52 shares in Highveld were trading 48 cents firmer at R77.67 on the JSE.
- I-Net Bridge
