Evraz Sells Steel Unit to BEE for $320 Million

Mining Weekly reported that Evraz plans to sell 85% of its steel and vanadium producer Evraz Highveld to a black empowerment group for  $320 million, marking the largest BEE transaction in the South African steel industry.

As quoted in the market report:

Evraz CEO Alexander Frolov said the decision to divest should not effect the group’s leading position in global vanadium markets and would enhance its focus on steel markets in Russia and North America.

To view the whole Mining Weekly report, click here.