Fin24

Evraz halts operations at SA mill

2012-07-18 12:00

Moscow - Russia's largest steelmaker Evraz said on Wednesday that it has suspended operations of its steel and vanadium asset in South Africa following a strike and will not be able to ensure steady supplies of its main products.

Evraz said that it could not guarantee sustainability of supplies from its Highveld Steel and Vanadium mills after a strike on Monday, caused by cost reduction and labour force reorganisation.

"Evraz is making every effort to meet its obligations to its suppliers and partners, but under the circumstances cannot fully guarantee the stability and continuity of Evraz Highveld's product supplies," the company said in a statement.

The company said that the strike at Highveld, which represents less than 1% of the company's consolidated core earnings, will not affect its financial results.

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Comments
  • andre.pretorius.1297 - 2012-07-18 16:30

    Would like to see some comment from the union involved. But of course it does not effect these idiots only to poor workers who listened to their empty promises. Let it be a lesson to you, then again .....!

  • struan.g.lloyd - 2012-07-19 09:19

    1 percent. Classic.

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