Russia’s Evraz plans to sell Czech steel plant Vitkovice by end-2013.

By bne IntelliNews August 30, 2013

Russia’s largest steelmaker Evraz plans to sell its Czech plant Vitkovice by the end of 2013, RIA Novosti reported citing Evraz chief executive Alexander Frolov.

Evraz halted production at Vitkovice two times this year due to low demand on the European market and in April the Russian company said it is considering several options for the plant including its sale.

Evraz bought a stake in Vitkovice Steel for USD 285mn in 2005. Vitkovice Steel is one of the largest heavy plate steel producers in Europe and the sole producer in the Czech Republic. It has an annual capacity is about 950,000 tonnes of steel and 925,000 tonnes of rolled stock.

Evraz will also seek to sell its steel and vanadium mill Highveld in South Africa by the end of 2013. Evraz has been selling assets as it seeks to manage its USD 6bn debt. Florov said that after the sale of the two units the company may pay a dividend. Evraz, partly owned by Chelsea soccer club owner Roman Abramovich, said on Aug 29 it posted a first-half net loss of USD 122mn, 165% deeper than the loss it had a year ago due to weak steel prices.

Related Articles

Hungarian PM's "proxy" moves into the nuclear industry as Paks tenders approach

Firms controlled by Hungarian oligarch Lorinc Meszaros have purchased a 51% stake in the Hungarian subsidiary of Czech nuclear ... more

Czech PM accepts new nominee for finance minister

Reducing the political tension in the country a little, Czech Prime Minister Bohuslav Sobotka accepted on May 17 the nomination of a new finance minister from coalition partner Ano. Meanwhile, ... more

RBI doubles net profit y/y in Q1 as Russian business recovers

Raiffeisen Bank International (RBI), the second largest bank operating across Central and Eastern Europe by assets, reported that net profit almost doubled year-on-year to €220mn in the first ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss