Bloomberg reported that EVRAZ plc (LSE:EVR) rose by as much as 3.4 percent — its biggest gain in a week — following the resumption of operations at South Africa-based EVRAZ Highveld Steel & Vanadium (OTC Pink:HGVLY).
As quoted in the market news:
The South African unit, Evraz Highveld Steel & Vanadium, reached an agreement with its biggest labor union after a four- week strike, allowing operations to resume Aug. 13, the metals producer said in a statement today. Highveld said yesterday by e-mail that the steelworks were starting and would be fully operational by the end of the month.
“Evraz is rising on the resumption of South African operations and market improvement in Russia,” said Anton Rumyantsev, an analyst at Troika Dialog in Moscow. Prices for rebar, a key product for Evraz, have added 1 percent since last week, he said, citing data compiled by Steel Business Briefing.