Russian steel giant Evraz said workers have stopped being bolshie at its Highveld Steel and Vanadium operations in South Africa, and production has been resumed.
Operations had been temporarily suspended as a result of an industrial action announced by Evraz Highveld's largest union, NUMSA, at the end of July. The workers were not keen to comply with the legal requirement to convert from a three-shift system to a four-shift system as it meant they would be out of pocket, but management has agreed to increase compensation and everyone now seems happy to get back to work.
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Evraz downplayed the significance of its Highveld operations, noting that they contributed less than one per cent to earnings of the group in 2011. Nevertheless, the market welcomed the development warmly, pushing up the shares to 277.7p in the first hour of trading from Monday night's close of 268.5p.
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