Otmane El Rhazi : Evraz Highveld moves to cut half its workforce

Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.

After earlier this week confirming that it had temporarily ceased steel production at its steelworks, citing working capital constraints and reduced domestic demand, Evraz Highveld Steel and Vanadium on Tuesday said it had issued a proposed restructuring notice in terms of Section 189 that could see the country’s second-largest steelmaker potentially cutting half of its workforce. The group, which initiated voluntary business rescue proceedings in April, would now enter a 60-day Commission for Conciliation, Mediation and Arbitration-facilitated consultation process with employees and trade unions.