64% of its one third share in Columbus Stainless Steel Completed
HIGHVELD STEEL AND VANADIUM CORPORATION LIMITED ("Highveld")
(Reg. No. 1960/001900/06)
A member of the Anglo American plc group
ISIN code : ZAE000003422
Alpha code : HVL
DISPOSAL BY HIGHVELD OF 64% OF ITS ONE-THIRD SHARE IN COLUMBUS STAINLESS
STEEL COMPLETED
Further to the announcement dated 13 November 2001, Acerinox, S.A. of Spain
has, with effect from 1 January 2002, acquired a 64% interest in Columbus
Stainless Steel (Pty) Ltd from Highveld Steel, Samancor and the Industrial
Development Corporation of South Africa for a total consideration of _232
million. Highveld Steel, Samancor and the Industrial Development
Corporation each retain a 12% interest in Columbus Stainless Steel (Pty)
Ltd, which acquired the stainless steel business of the Columbus Joint
Venture with effect from 1 January 2002.
Highveld Steel, Samancor and the Industrial Development Corporation
subscribed, in equal proportions, for an aggregate of 5,8 million new shares
in Acerinox, S.A., equivalent to an 8,8% interest in the increased share
capital of that company, at an issue price of _40 per share.
The above transactions were completed on 9 January 2002 following the
fulfillment or waiver of all conditions precedent.
10 January 2002
Contact: Anne Dunn Marion Dixon
Tel: +27 11 638 4730 Tel: +27 11 638 3001
Mob : +27 82 448 2684 Mob: +27 82 775 5520
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