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(Updates with closing share price in third paragraph.)
July 1 (Bloomberg) -- Evraz Highveld Steel and Vanadium Ltd., the South African unit of Russia’s second-largest steelmaker, said it’s not aware of anything “within the company” that caused its stock to drop to a 6-year low.
“All our fundamentals are still sound,” the Witbank, South Africa-based company said in an e-mailed response to questions today. “We’re implementing extensive maintenance to both our structural and flat products mills to improve product quality, mill availability and mill reliability. We expect the maintenance work to be completed by September.”
The stock slipped 6.45 rand, or 12 percent, snapping five days of gains, to 47.55 rand, its lowest closing level since Nov. 19, 2004. Evraz Highveld has dropped 43 percent this year, compared with a 0.6 percent decrease in the FTSE/JSE Africa All Share Index, and giving the company a market value of 4.7 billion rand ($700 million). More than 174,279 shares changed hands compared with the daily average over the past six months of 81,560.
Mastercroft Ltd., a unit of Evraz Group SA, owns 85 percent of Evraz Highveld, according to the South African company’s 2010 annual report.
--Editors: Vernon Wessels, Linda Shen.
To contact the reporter on this story: Stephen Gunnion in Johannesburg at firstname.lastname@example.org
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