Johannesburg - Troubled Evraz Highveld Steel and Vanadium, South Africa’s second-biggest steel producer which is in business rescue, continues to implode following a further resignation.
Olga Yukova on Friday resigned from her position as a non-executive director with effect from Friday (June 10).
The company last month also announced the resignation of both Barend Petersen as the chairman and non-executive director and Andrew Maralack as the executive director. Mohammed Bhabha resigned as a non-executive director earlier this month.
This follows after a proposed transaction to sell the business to China-owned International Resources fell through.
The deal failed due to a precedent not being met by the deadline and the company failing to get the required approval from the Competition Commission.
It also could not reach an agreement with the Department of Environmental Affairs by the deadline, resulting in the retrenchment of its 2 000 workforce in February after it ran out of funds to pay their salaries.
The local steel industry is in distress.
BUSINESS REPORT