Evraz Highveld’s First Quarter Production Down 6.9 Percent

Mining Weekly reported that Evraz Highveld Steel and Vanadium (JSE:EHS,OTCMKTS:HGVLY), a company that began voluntary business rescue proceedings just last week, produced 149,000 tonnes of crude steel in the first quarter of 2015, a 6.9 percent decrease from the 160,000 tonnes produced on year.

As quoted in the market news:

Production was also 0.3 percent lower than the 150 000 t of crude steel produced in the March 2014 quarter.

“In March, the situation in the local market became difficult, nullifying the positive effect of the turnaround plan which Evraz Highveld’s management team had been implementing,” the steel producer’s parent company Evraz outlined in a results statement on Monday.

Meanwhile, vanadium slag production by the Evraz group dropped 2 percent in the first quarter of the year compared with the prior quarter, owing largely to a 12 percent drop in South African output on the back of reduced steel production at Evraz Highveld.

Click here to read the full Mining Weekly report.