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Business Report writes that Evraz Highveld Steel and Vanadium, the steel producer which went bust last year, has “reinvented” its assets in a bid to generate revenue to pay its creditors and the 1,800 employees who have been retrenched.
Joint Business Rescue Practitioner, Piers Marsden, told Evraz creditors at an annual general meeting on Friday about plans to reignite economic activity in eMalahleni by converting assets into an industrial park. Highveld owes employees R300 million in retrenchment packages. Marsden said the company was prioritising retrenchment packages and so far had paid R30m to employees. The industrial park would include the leasing of rail infrastructure as well as the company’s 44 offices and workshops. Also, the heavy section steel mill, which closed down when the business was wound down, would be restarted in the next six months. “We expect the creation of 400 jobs once the steel mill is up and running,” Marsden indicated.
- Read this report by Dineo Faku in full at Business Report
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