EVRAZ Highveld Steel and Vanadium has taken another potentially giant financial blow amid the winding down of the defunct steel maker over three years. This means creditors of what was once SA’s second-largest steel producer will possibly see a massive dilution of monies owed to them.Business practitioners for the Russian-backed group have applied to the High Court in Johannesburg to cancel obligations under a gas-supply agreement between Evraz Highveld and global French gas supplier Air Liquide over a period of 20 years. The application will be heard on September 13.Air Liquide has opposed the application and will file an answering affidavit. The French group has stated through Werksmans Attorneys that it would suffer damages of at least R1.4bn, as the contract would not run its full term.Air Liquide on Monday did not respond to queries. But Evraz Highveld business-rescue practitioner Piers Marsden said earlier that it "cannot afford the fixed cost" of the contract.In July, Evraz H...

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