Second breath for Highveld Steel

Evraz Highveld Steel and Vanadium Limited will soon be a beacon of hope for many again.

Piers Marsden, business rescue practitioner Highveld announced earlier today that Highveld Robusteel Proprietary Limited is acquiring the remaining iron and steelmaking assets of Highveld. 

Robusteel is jointly held by Bonheur Ventures Proprietary Limited and Amplico Resource Management Limited.

READ MORE | HIGHVELD CLOSED

Selaelo Ramusi, the chief executive officer of Bonheur and Robusteel said: “This acquisition underpins inclusive economic growth and transformation through local beneficiation of resources by a black-owned entity in the heavy industrial sector. Given the nature of the assets acquired, this is an important step towards the re-industrialisation of the economy and the establishment of a competitive steel and manufacturing facility in South Africa. Our acquisition is in-line with the recently-published Steel Master Plan.” 

eMalahleni still feels the shockwaves after the announcement in 2016 that the steel giants’ doors are closing after subsidised steel imports from China crippled the market and saw the company going into business rescue. 

Its closure meant that 1 800 permanent jobs were lost and many contractors lost millions as there was not a cent left to pay creditors.

The assets comprising this transaction include four ironmaking furnaces and 10 rotary pre-reduction kilns housed across two separate smelter plants, a steel plant facility including two basic oxygen furnaces, a ladle furnace, a continuous casting machine, and a plate mill facility, reinforcing Robusteel’s commitment to restarting steelmaking at this renowned location.

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