HIGHVELD (HGVJ.J) SEES LOWER 1987 EARNINGS Highveld Steel and Vanadium Corp Ltd said it expects 1987 earnings will be lower than last year's previously reported 85 cts a share. But profits "will be at a satisfactory level," the company said in the annual report without giving a specific estimate. Highveld said it expects appreciation of the rand will be offset to some extent by increasing U.S. Dollar prices for its exports as the year progresses. Highveld said measures taken last year by the European Economic Community and the United States prohibiting all South African steel products "presents a challenge to management to place the steel in other areas." The company said overall world vanadium consumption in 1987 is expected to be similar to last year although China's role is still an unknown factor in the total supply-demand situation. "World vanadium production capacity is still believed to be adequate to cater for any foreseeable demand," it added.