EVRAZ HIGHVELD STEEL & VANADIUM LTD - First Quarter ending 31 March 2014 Operational Results

First Quarter ending 31 March  2014 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”)


First Quarter ending 31 March 2014 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

                                                                     1Q 2014/                    1Q 2014/
                      Unit of                                        4Q 2013,                    1Q 2013,
                                  Notes     1Q 2014       4Q 2013                 1Q 2013
                     measure                                               %                           %
                                                                      change                      change

 Steel segment
 Hot metal               Tons                152,246      161,203          (6)     174,151           (13)
 Continuously cast
 blocks                  Tons                149,623      163,698          (9)     175,397           (15)
 Sections                Tons                 50,230       44,745          12       49,672              1
 Plates                  Tons                 46,868       41,065          14       44,605              5
 Coil                    Tons          1      43,484       30,680          42       29,497             47
 Vanadium slag           Kg V              1,435,678     1,662,830        (14)   1,627,958           (12)
 Fines ore               Tons          2     139,469       144,876         (4)     164,220           (15)
 Vanadium
 segment
 Ferrovanadium
 (FeV)                   Kg V          3   1,347,752     1,317,070          2    1,032,043            31


WEIGHTED AVERAGE SELLING PRICES

                                                                     1Q 2014/                    1Q 2014/
                       Unit of                                       4Q 2013,                    1Q 2013,
                                  Notes     1Q 2014       4Q 2013                 1Q 2013
                      measure                                              %                           %
                                                                      change                      change

 Steel segment
 Total Steel              R/ton                7,004        6,703           4        6,823             3
 Vanadium slag          R/Kg V                    84           77           8           94           (11)
 Fines ore               R/ton                   222          200          11          395           (44)
 Vanadium
 segment
 Ferrovanadium          R/Kg V                   269          251           7          260             4

 Average
 exchange rate              R/$                10.86        10.16           7         8.95            21


Notes:
( All prices quoted are delivered prices).

The below comments explain material variances between Q1 2014 and Q4 2013:

General: Hot metal and cast steel production lowered to reduce semi inventory in front of the mills.

1) A higher demand for coil resulted in higher production.
2) Reduced fines production due to a 10 day primary plant planned maintenance shut down at
Mapochs mine.
3) Ferrovanadium production volumes increased marginally compared to Q4 2013 due to a marginal
increase in slag processing.

15 April 2014


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

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