Iscor - Production back to normal at Saldanha Steel
Iscor Limited
(Incorporated in the Republic of South Africa)
(Registration number 1989/002164/06)
(Share code: ISC)
ISIN: ZAE000037453
(`Iscor`)
Iscor: Production back to normal at Saldanha Steel
Production at Iscor`s Saldanha Steel plant achieved normal operating levels on
schedule on Sunday 13 June 2004 following the shutdown caused by a burnthrough
at the Conarc furnace. The incident occurred on 18 may 2004.
The production losses caused by the incident amounted to approximately 62 000
tons, net of the effect of bringing forward a planned Corex shutdown of five
days. The current estimate of the cost to Iscor of the incident is in the order
of R115m, including repairs and loss of production.
The incident was a result of normal operating risk, and an insurance claim will
be submitted. In terms of Iscor`s insurance arrangements, the first $7.5m
(approximately R50m) of the loss is for Iscor`s account. The net recovery is
therefore likely to be some R65m, which will be accounted for only when
received.
Pretoria
15 June 2004
Sponsor to Iscor:
Deutsche Securities (SA) (Proprietary) Limited
Date: 15/06/2004 07:00:12 AM
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