34% EVRAZ Highveld Steel and Vanadium to be sold

According to representatives of Evraz (an international metallurgical and mining company, which is one of the twenty largest steel producers in the world, whose assets are located in the United States, the Russian Federation, Ukraine, the Czech Republic, Canada, Kazakhstan, Italy, and South Africa), a 34 percent stake in the metallurgical enterprise will be sold EVRAZ Highveld Steel and Vanadium, located in South Africa, by Macrovest (USA), owned by Barend Petersen.

Berend Petersen is an international financier with significant experience in South Africa. The deal amounts to approximately $ 27 million or RR 289 million. Moreover, according to the agreement of the parties, the buyer is obliged to refinance 50% of the credit line provided by Evraz to Highveld, the amount of which has not been disclosed.

This transaction is due to the fact that, in the opinion of Evraz executives, in order to ensure the stable development of Highveld as a leading producer of vanadium and steel in South Africa, it is necessary to sell a significant part of the enterprise's shares to a local strategic investor.

According to Alexander Frolov, Chairman of Evraz, the analysis of various development options for Highveld showed that the company needs a strong local partner who will provide a significant contribution to the development of the South African asset of Evraz in the current difficult market conditions. So Evraz looks forward to fruitful cooperation with Macrovest and personally Berend Petersen as a member of the Board of Directors of Highveld.