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EVRAZ HIGHVELD STEEL & VANADIUM LTD - Fourth Quarter ending 31 December 2013 Operational Results

Release Date: 15/01/2014 14:31
Code(s): EHS     PDF:  
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Fourth Quarter ending 31 December 2013 Operational Results

EVRAZ Highveld Steel and Vanadium Limited
Registration number: 1960/001900/06
(Incorporated in the Republic of South Africa)
Share code: EHS
ISIN ZAE000146171
(“the Company”)


Fourth Quarter ending 31 December 2013 Operational Results


Following the practice of the holding company, EVRAZ plc, to release quarterly operational
information, EVRAZ Highveld Steel and Vanadium Limited hereby releases its results as follows:

PRODUCTION VOLUMES

                                                                    4Q 2013/                     4Q 2013/
                      Unit of                                       3Q 2013,                     4Q 2012,
                                  Notes     4Q 2013      3Q 2013                  4Q 2012
                     measure                                              %                            %
                                                                     change                       change

 Steel segment
 Hot metal               Tons                161,203      145,123          11      175,699            (8)
 Continuously cast
 blocks                  Tons                163,698      144,147           14     165,715            (1)
 Sections                Tons          1      44,745       55,233         (19)      51,742           (14)
 Plates                  Tons                 41,065       41,780          (2)      37,045             11
 Coil                    Tons                 30,680       29,784            3      34,109           (10)
 Vanadium slag           Kg V              1,662,830    1,473,092          13    1,487,388             12
 Fines ore               Tons                144,876      153,650          (6)     166,131           (13)
 Vanadium
 segment
 Ferrovanadium
 (FeV)                   Kg V              1,317,070    1,244,505           6      855,347            54
 Modified
 Vanadium Oxide
 (MVO)                   Kg V                111,562       25,938         330      181,863           (39)
 Nitrovan (NV)           Kg V                 80,235       37,449         114      176,407           (55)


WEIGHTED AVERAGE SELLING PRICES

                                                                    4Q 2013/                     4Q 2013/
                       Unit of                                      3Q 2013,                     4Q 2012,
                                  Notes     4Q 2013      3Q 2013                  4Q 2012
                      measure                                             %                            %
                                                                     change                       change

 Steel segment
 Total Steel              R/ton        2       6,703        7,075          (5)       6,319             6
 Vanadium slag          R/Kg V                    77           80          (3)          68            14
 Fines ore               R/ton                   200          232         (14)         194             3
 Vanadium
 segment
 Ferrovanadium          R/Kg V                   251          251            -         203            24
 Modified
 Vanadium Oxide         R/Kg V         3         177          188          (6)            -          100
 Nitrovan                 R/Kg V             3    241          229           6          205            18

 Average
 exchange rate                R/$                10.16        9.99           2         8.69            17


Notes:

( All prices quoted are delivered prices).

The below comments explain material variances between Q4 2013 and Q3 2013:

General: Thanks to the absence of measures to cut back iron making furnace electricity input during
expensive winter peak demand periods, Q4 liquid iron production increased compared to Q3. This
improvement had a positive impact on cast steel and vanadium slag production volumes.

1) The production of structural sections contracted from Q3 to Q4 due a planned shutdown, timed to
coincide with customer closures over the festive season.
2) During Q4 of 2013 domestic steel prices increased. However, the total average steel price reduced
due to higher export volumes at lower prices.
3) The increased production volumes of vanadium slag during Q4 compared to Q3 resulted in
increased production volumes of FeV, MVO and NV.

15 January 2014


Sponsor:
J.P. Morgan Equities South Africa (Pty) Ltd

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