Evraz sells 34% in Highveld Steel for R289m

[miningmx.com] – RUSSIAN steel producer, Evraz, has sold a 34% stake in Evraz Highveld Steel & Vanadium to a company led by Barend Petersen, chairman of De Beers Consolidated Mines for R289m, said Bloomberg News.

Petersen’s company, Macrovest, will now refinance 50% of a debt facility Evraz provided to the business. The Russian firm will also retain a controlling interest in Evraz Highveld Steel & Vanadium which it said it would continue to develop.

“We have analysed various options for the further development of Highveld and decided to introduce a strong local partner, who we believe will add significant value and expertise in developing our South African asset in a challenging market,’ said Evraz CEO Alexander Frolov in the statement today.

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