Highveld Steel reports half year results

Highveld Steel reports half year results

South African steel producer Highveld Steel and Vanadium (HVL) has recently announced that its earnings for the first half have increased to Rand 357.9 million ($56.6 million) against Rand 18.6 million ($2.9 million) recorded in the first half of previous year. The increase in the earnings is attributed to the improved market conditions. The company also reported an operating income of Rand 413 million ($65.2 million) against Rand 16.7 million ($2.6 million) recorded in the corresponding period of previous year. Revenue of the company has also been recorded as Rand 2.53 billion ($399 million) against Rand 1.85 billion ($292 million) recorded in the first half of previous year. The company officials stated that increases in international steel prices and rising exports contributed to these improved results.