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Daye Special Steel To Invest In Zhejiang Gross Seamless Steel Tube's Bankruptcy Reorganisation

Wednesday, 15 May 2019 08:15am EDT

May 15 (Reuters) - Daye Special Steel Co Ltd <000708.SZ>::SAYS BOARD APPROVES TO INVEST 491.55 MILLION YUAN ($71.45 million) FOR ZHEJIANG GROSS SEAMLESS STEEL TUBE CO LTD'S BANKRUPTCY REORGANISATION.SAYS IT WILL OWN 100 PERCENT STAKE IN ZHEJIANG GROSS SEAMLESS STEEL TUBE CO LTD AFTER THE BANKRUPTCY REORGANISATION.

Yorkshine Updates On Scope Of The Internal Control Review

Wednesday, 6 Mar 2019 05:56am EST

March 6 (Reuters) - Yorkshine Holdings Ltd ::ENGAGES SHINEWING TO ENLARGE SCOPE OF INTERNAL CONTROL REVIEW TO COVER TRADING AND DISTRIBUTION OF IRON ORE, COAL, STEEL PRODUCTS BUSINESS.

Afarak Group with Profit Warning For 2018

Wednesday, 20 Feb 2019 02:00am EST

Feb 20 (Reuters) - Afarak Group Plc ::REG-AFARAK GROUP: PROFIT WARNING FOR 2018.HAS FACED CHALLENGES IN 2018 PARTICULARLY FROM MOGALE OPERATION IN SOUTH AFRICA..INCREASING POWER AND REDUCTANT COST, A STRENGTHENING OF RAND AND FORCED CLOSURE OF P3 FURNACE HAD A BEARING ON RESULTS.MOGALE OPERATION IS TODAY UNDER A NEW MANAGEMENT TEAM WHICH IS FOCUSED ON IMPROVING OPERATIONS AND CUTTING COST.MOGALE IS SHIFTING PRODUCTION FROM CHARGE CHROME TO HIGH CARBON FERROCHROME.MINING OPERATIONS ARE ALSO BEING DOWNSIZED WITH A RESULTING REDUCTION IN FIX COST AND CAPITAL EXPENDITUR.Q4 2018 OPERATIVE RESULT OF MOGALE PLANT HAS BEEN BROADLY IN-LINE WITH MANAGEMENT'S EXPECTATIONS.WRITE-DOWN OF ASSET'S BOOK VALUE MUST NOW BE PROCESSED..IS FOCUSED ON IMPROVING PERFORMANCE OF ITS SOUTH AFRICAN OPERATIONS..IT IS NOT PRUDENT TO ASSUME THAT EFFORTS WILL FULLY OFFSET POOR MARKET CONDITIONS IN SHORT-TERM..GOODWILL RELATED TO MOGALE BUSINESS WILL BE SUBJECT TO AN IMPAIRMENT WRITE-DOWN OF EUR 6.5 MILLION IN QUARTER FOUR.

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