The transaction, which is set to create at least 900 jobs and result in the upskilling of local labour, will be funded from local and international sources.
The remaining assets of Evraz Highveld Steel & Vanadium, once the second-largest SA steel producer before it went into business rescue four years ago after years of losses, will be acquired by Highveld Robusteel in a $105m (R1.65bn) deal that is set to boost economic activity in Witbank, Mpumalanga.
The $105m is made up of the asset acquisition, as well as the restart and upgrade of the plant, Robusteel said in a statement on Monday.
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