Evraz Launches Construction of New Rolling Mills
02 December 2010 - 10:04PM
UK Regulatory
TIDMEVR
RNS Number : 2561X
Evraz Group S.A.
02 December 2010
Evraz Launches Construction of Rolling Mills in Southern Russia and Kazakhstan
2 December 2010 - Evraz Group (LSE: EVR) ("Evraz" or the "Group") announces that
its Board of Directors has approved investment in both the Yuzhny Rolling Mill
in the Rostov Region of Southern Russia and the Kostanay Rolling Mill in
Kazakhstan.
The Yuzhny Mill will be constructed in the Rostov Region near the port
Ust-Donetsk. It is expected to be commissioned in the middle of 2013 and will
have a production capacity of approximately 450,000 tonnes of light sections per
annum, including 315,000 tonnes of rebar and 135,000 tonnes of angles and
channels. The total cost of the project is estimated to be approximately US$158
million.
Yuzhny Mill will provide Evraz with a presence in the fast-growing area of
Southern Russia and is expected to be supplied by the billets from Evraz's
Ukrainian steel plant, DMZ.
Construction of the Kostanay Mill in Kazakhstan will provide Evraz with exposure
to the local rebar market which has high growth potential. Evraz will own a 65%
stake in the project. Its local partner will be Caspian Group.
Evraz has already obtained the necessary anti-monopoly and construction permits
for the implementation of Kostanay project. The plant is expected to be launched
in mid-2013. Production capacity is forecast to be approximately 450,000 tonnes
of rebar per annum. Evraz's Siberian plants ZSMK and NKMK will supply billets to
this mill. The total investment in the project is expected to be approximately
US$131 million.
Both of these projects are aligned with the Group's strategy of shifting from
the production of semi-finished to finished products and of vertical integration
in the steel value chain.
###
For further information:
Media contact:
Alex Agoureev
VP, Public Relations
+7 985
122 4822
media@evraz.com
Investor contact:
Alexander Boreyko
Director, Investor Relations
+7
495 232 1370
ir@evraz.com
Evraz Group S.A. is a large vertically-integrated steel, mining and vanadium
business with operations in the Russian Federation, Ukraine, Europe, USA, Canada
and South Africa. The Company was ranked the 14th largest steel producer in the
world based on crude steel production of 15.3 million tonnes in 2009. Evraz's
internal consumption of iron ore and coking coal is covered by its mining
operations. Evraz's consolidated revenues for the nine months ended 30 September
2010 were US$9,729 million and consolidated adjusted EBITDA amounted to US$1,766
million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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