(Sharecast News) - Russian steelmaker Evraz has denied speculation it is or has been supplying products to the Russian military which may have been used for military purposes.
In a brief statement on Thursday, the company insisted that it supplies products in Russia to infrastructure and construction sectors for civilian use only.
"Evraz implemented sanctions compliance system in 2014 which screens every customer and identifies red flags," it said. "To eliminate sanctions, economic and reputational risks the company verifies the end-users of products and secures their civil use by special clauses in contracts. The company is not aware of its products being used for military purposes.
"Suggestions about potential use of Evraz's steel, vanadium and other products for military purposes indicate not only the misunderstanding of steel industry's base principles, but the lack of knowledge about Evraz's product range as well."
Evraz (EVR)