Business Report writes that nearly 700 of the 1,800 jobs lost when the entire workforce of Evraz Highveld Steel and Vanadium was retrenched in February last year have been recouped.
This has been achieved through the resuscitation of part of the steel business, which is currently in business rescue. Business rescue practitioner Piers Marsden indicated on Wednesday that they had signed a contract manufacturing agreement for one particular part of the business, which had enabled them to take it from “zero jobs to about 700” in the past 18 months. But it had not been possible to resuscitate the business as a fully integrated steel and iron manufacturer, even though components had been resuscitated. Marsden added that they had constant engagements with various players in government and various governmental organisations in an attempt “to preserve those 700 very hard fought jobs”. Marsden pointed out that there was an obligation in terms of the severance agreement signed with the two unions and non unionised staff at Highveld to offer jobs that became available to the previous employees and a large majority of the 700 jobs would have been made available to the previous employees. While the full severance liability from February last year has still not been settled, some R100m of about R330m has been paid out.
- Read this report by Roy Cokayne in full at Business Report
- Read too, Highveld agrees to Competition Commission-proposed R1m penalty, at Engineering News
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