Assmang Limited announces production cutbacks at its operations
14 April 2009
Due to the ongoing low levels of carbon steel production in our major markets, Assmang Limited has shut down its No 5 High Carbon Ferromanganese Furnace (capacity +/- 55 000 tpa) at the Cato Ridge Works on the 7th of April 2009. Furnaces 3 and 4 remain shut down. These furnaces will be kept out of operation until market conditions warrant start up. Cato Ridge Alloys’ convertor for production of refined alloys which has not produced since December 2008 remains closed and will be restarted as demand increases.
Manganese ore markets remain weak and ore production is reviewed on an ongoing basis.
It has also been decided that due to the global reduction in stainless steel production, two charge chrome furnaces at the Machadodorp Works will operate until the end of May and thereafter all four furnaces will be shut down. Any furnace start ups will be dependent on market conditions. Along with this reduction in ferrochrome production, chrome ore production at the Dwarsrivier Chrome Mine will be scaled back commensurately.
For more information please contact:
Chief Executive: ARM Ferrous
Office: +27 11 779 1106
Mobile: +27 82 492 6948
Corporate Development & Head of Investor Relations
Office: +27 11 779 1507
Mobile: +27(0) 83 411 2881
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited