Johannesburg - Troubled Evraz Highveld Steel and Vanadium had announced plans to oppose court action by some of its major creditors, which want to declare the company’s business rescue as invalid, it said in a statement yesterday.
The company that makes flat steel products, structural steel and vanadium slag said it had filed a notice of intention to oppose the further urgent court proceedings that East Metals and Mastercroft instituted against the joint business rescue practitioners of Highveld and several other affected persons of Highveld.
Earlier, parent company Evraz said it remained supportive of the business rescue process and any “sustainable endeavour to rescue the business of Highveld Steel in the collective interest of all creditors, employees as well as the South African steel manufacturing industry. Evraz stands for saving jobs”.
BUSINESS REPORT