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Fri 17 Sep 2004, 10:43 Highveld - Exercise Of Share Options By The Compan
Highveld - Exercise Of Share Options By The Company Secretary                   
HIGHVELD STEEL AND VANADIUM CORPORATION LIMITED                                 
Registration no. 1960/001900/06                                                 
(Incorporated in the Republic of South Africa)                                  
(`Highveld`)                                                                    
Share code :  HVL                                                               
ISIN code  :  ZAE000003422                                                      
A member of the Anglo American plc group                                        
EXERCISE OF SHARE OPTIONS BY THE COMPANY SECRETARY                              
In compliance with the relevant provisions of the JSE Listings Requirements, the
following information is disclosed wherein the company secretary, Mr J Theiss   
exercised share options as follow:                                              
Strike price                  : R12.50                                          
Vesting date                  : 06.07.1998                                      
Exercise date                 : 17.09.2004                                      
Number of shares              : 2 000                                           
Total value                   : R25 000                                         
Nature of interest            : Direct beneficial                               
The shares will be sold in due course for appropriate alignment with his desired
investment portfolio.                                                           
In terms of Section 3.66 of the JSE Listings Requirements prior clearance to    
deal in the above securities has been obtained from Mr TE Jones, Chairman of the
Board of Highveld.                                                              
Witbank                                                                         
17 September 2004                                                               
Sponsor                                                                         
CAZENOVE
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