Evraz Plc Highveld BoD decide to file for business rescue (1199K)
April 14 2015 - 3:01AM
UK Regulatory
TIDMEVR
RNS Number : 1199K
Evraz Plc
14 April 2015
Board of Directors of EVRAZ Highveld Steel and Vanadium decide
to file for business rescue
14 April 2015 - The Board of Directors of EVRAZ Highveld Steel
and Vanadium ("Highveld" or the "Company") decided to file for
voluntary business rescue procedures.
EVRAZ acquired 85% of Highveld shares in 2007 and announced its
intention to divest the asset in 2013. Post this decision EVRAZ
will not be able to complete the sale of 34% of the issued share
capital of the Company to Macrovest 147 Proprietary Limited, as
announced on 13 August 2014. Starting 14 April 2015 EVRAZ Highveld
Steel and Vanadium will be managed by an independent business
rescue practitioner appointed by the Board of Highveld.
###
For further information:
Media Relations:
London: +44 207 832 8998 Moscow: +7 495 937 6871
media@evraz.com
Investor Relations:
London: +44 207 832 8990 Moscow: +7 495 232 1370
ir@evraz.com
EVRAZ is a vertically integrated steel, mining and vanadium
business with operations in the Russian Federation, Ukraine,
Kazakhstan, USA, Canada, Czech Republic, Italy and South Africa.
EVRAZ is among the top steel producers in the world based on crude
steel production of 16.1 million tonnes in 2013. A significant
portion of the company's internal consumption of iron ore and
coking coal is covered by its mining operations. The company's
consolidated revenues for the year ended 31 December 2013 were
US$14,411 million, and consolidated EBITDA amounted to US$1,821
million. The company's consolidated revenues for the six months
ended 30 June 2014 were US$ 6,805 million, and consolidated EBITDA
amounted to US$ 1,080 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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