RustDedicated.exe (server) eating 100% CPU on launch

Rust server (RustDedicated.exe) is consuming 100% CPU on my 12 core server.

I’ve tried restarting Windows (Windows 8.1 64bit), tried deleting and then reinstalling Rust server from SteamCMD as a fresh install but still every time I launch the server now it consumes 100% of the server’s CPU.

Is this happening to anyone else running their own dedicated server?