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Highveld Steel may retrench workers

Source: Engineering News Date: 09 May 2012

SE-listed Evraz Highveld Steel on Wednesday said it was moving forward with its comprehensive cost reduction plan, which included labour restructuring.

The steel producer was expected to start formal consultations with employee representatives on May 9, following the announcement of the company’s intention to implement possible retrenchments.
In March, Evraz Highveld Steel reported a strong turnaround from a R549-million loss in 2010, to a R45-million net profit for the year to December 31, 2011, but said at the time the general contraction in global economic growth was likely to negatively affect steel demand and prices.
“It has become evident that the weak global economic situation is beginning to impact on the South African economy as well, resulting in a persistent soft local steel market demand,” the company stated.

SE-listed Evraz Highveld Steel on Wednesday said it was moving forward with its comprehensive cost reduction plan, which included labour restructuring.

The steel producer was expected to start formal consultations with employee representatives on May 9, following the announcement of the company’s intention to implement possible retrenchments.
In March, Evraz Highveld Steel reported a strong turnaround from a R549-million loss in 2010, to a R45-million net profit for the year to December 31, 2011, but said at the time the general contraction in global economic growth was likely to negatively affect steel demand and prices.
“It has become evident that the weak global economic situation is beginning to impact on the South African economy as well, resulting in a persistent soft local steel market demand,” the company stated.

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