Evraz inches closer to revealing preferred bidder

 

Vertically integrated steel producer Evraz Highveld Steel and Vanadium is one step closer to announcing a preferred bidder to buy the business, which is currently under business rescue.

The company’s creditors’ committee met on Tuesday to consider three final binding offers and expected to announce a successful bidder during the course of the week.

Evraz further said its business rescue plan would be published by mid-September, whereafter creditors would formally vote on the plan at the creditors’ meeting to be convened within ten days from the date of publication.

All the bids were also associated with a large number of conditions precedent, mostly related to Highveld’s environmental liabilities, resolution of which would depend on it receiving a new dispensation from South Africa’s authorities.

The steel producer was also engaging with its trade unions on a plan to cut as many as 1 089 of its 2 240 employees, after production had been halted at the Mpumalanga facility.

-Engineering News

 
 
 

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