South Africa: According to Bloomberg, vertically integrated steel and vanadium slag producer Evraz Highveld Steel and Vanadium has announced that Valery Borisov has resigned as executive director and CFO, effective immediately. Evraz Highveld Steel and Vanadium had announced in May 2015 that its business rescue practitioners (BRPs) had appointed non-executive director Andrew Phillip Maralack as its acting CFO.
Evraz Highveld Steel and Vanadium appoints new CFO
South Africa: According to Bloomberg, vertically integrated steel and vanadium slag producer Evraz Highveld Steel and Vanadium's business rescue practitioners (BRPs) have appointed non-executive director Andrew Phillip Maralack as acting CFO of the company, with immediate effect. Maralack is a qualified chartered accountant with extensive experience in finance, auditing, business turnarounds, corporate recovery, consulting, the retirement fund industry and corporate governance.
Further, a business rescue plan will now be published on 31 August 2015. In April 2015 Evraz Highveld initiated voluntary business rescue proceedings, citing an inability to meet its short-term obligations as a result of historical operating difficulties and sustained financial losses within a capital-constrained operating environment. Mazars business rescue services director Daniel Terblanche and Matuson & Associates director Piers Marsden were appointed as BRPs.
JSW Steel reports 87% decline in fourth quarter profit
India: In the fourth quarter of its 2015 financial year, which ended on 31 March 2015, JSW Steel reported a net profit of US$9.81m, down by 87% year-on-year. Its sales during the quarter fell by about 12% year-on-year to US$1.94bn. The company said that its profits and sales were hurt because of oversupply of steel products in the market because of dumping of steel from China, Korea, Japan and Russia. The company's earnings were also impacted by its other businesses and JSW Steel will sell its cement business to HeidelbergCement India.
Gebr. Pfeiffer SE wins order for cement vertical roller mill in Saudi Arabia
Saudi Arabia: The Chinese General Contractor Chengdu Design & Research Institute of Bldg Materials Industry Co Ltd in Chengdu has placed an order with Gebr. Pfeiffer SE for the supply of an MPS 3070 BC cement mill for Readymix in Saudi Arabia. The 1100kW drive power mill will grind 30t/hr of granulated blast-furnace slag and 46t/hr of Ordinary Portland Cement to a fineness of 4000cm²/g and 3600cm²/g, respectively. Delivery of the equipment is scheduled for 2015.
