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WTH was this announced anywhere? Would love to see PLC on the large shareholders list

You’re not a regulated financial services provider, they are. So I would be asking what their plan is. I wouldn’t be assuming they are worthless.

It’s not a peace dove, it looks like a flamingo. We’ve had this same dance about five times now. Peace gets discussed > noncommittal words from US > Ukraine comments > Europe works on a new catchphrase > war continues

Various reports of Evraz NTMK guaranteeing a new bond issued by EvrazFinance. Interesting. It will apparently trade on MOEX

The Evraz website is now saying this is completed. No mention of the proceeds

Translation from sobcor.news.

The Russian Ministry of Industry and Trade launched a legal operation to return a key metallurgical asset - Evraz NTMK - under the full control of Russian beneficiaries. The company, through which the entire production chain passes - from ore mining to steel production and vanadium - is actually paralyzed by British sanctions. Now the state has intervened to save the strategic enterprise.

Why is it important?

▪️Sanction collapse: British Evraz plc, under whose control NTMK formally remains, cannot properly manage assets - dividends are blocked, development decisions are stopped, each action requires permission from OFSI (UK Financial Sanctions Authority).

▪️Production threat: Without operational management, the entire chain suffers - from raw materials to exports. This affects the economy, employment and defense industry (vanadium is used in bulletproof alloys).

▪️Return to Russian jurisdiction: The court is likely to transfer the shares directly to the beneficiaries - Roman Abramovich (28.64%), Alexander Abramov (19.32%) and Alexander Frolov (9.65%). Next, the company will be transformed into a PJSC and brought to the Russian stock exchange, making it a new head structure.

Financial collapse under sanctions

▪️Reporting in the fog: Evraz was unable to publish the IFRS report for 2024 - there was no auditor ready to work with the sanction company.

▪️Fall in indicators: Revenue - $7.19 billion (-7%), EBITDA - $1.4 billion (-34%). Without returning to the Russian circuit, the crisis will deepen.

What's next?

▪️Complete withdrawal from British control is a logical step. If a business operates in Russia, pays taxes and feeds thousands of workers, it should be managed from Russia.

▪️Example of "Evraz KGOK": 200 billion rubles are already being recovered there - the next stage: transfer of the asset to the Russian circuit.

The return of "Evraz NTMK" is not just a corporate maneuver. This is a matter of national security. Metallurgy, especially with the vanadium component, is critical for defense and economy. Sanctions have shown: Western jurisdictions are a threat, and strategic assets should only be under Russian control.

There will have been no dividends paid up to PLC and creditors could potentially force it into administration if sanctions were lifted and the debt can’t be paid. If there is an auction what’s the likelihood it returns fair value for the assets, small to none I expect. But at least it’s forcing things to a head.

There’s absolutely zero chance of any kind of support from the UK Govt. The best we can hope for is that they engage with PLC with respect to sanctions in a reasonable manner when the time comes.

This is the most significant news since the sanctions were implemented

Hopefully they can split off the Russian side and then Evraz PLC is free to do whatever with the North American operations.

Pravo (google translate)

The Ministry of Industry and Trade filed a lawsuit against Evraz plc. The statement of claim was received by the Arbitration Court of the Moscow Region on June 17, according to the Arbitration Files (case № A41-49916/2025). It has already been accepted for production, the next meeting was scheduled for July 16. According to the information from the case card, the Ministry of Industry and Trade demands to suspend the corporate rights of Evraz plc against Evraz NTMK. In January, the organization was included in the list of economically significant. Corporate relations in such companies are regulated by Federal Law № 470, which provides for exclusion from the ownership structure of foreign holdings

Now this:

EVRAZ plc (the “Company”) informs that the Company became aware through public sources that the Ministry of Industry and Trade of Russia has filed a statement of claim with the Arbitration Court of the Moscow Region seeking the suspension of EVRAZ plc’s corporate rights in relation to JSC “EVRAZ NTMK” in accordance with the Federal Law No. 470-FZ dated August 04, 2023 on Economically Significant Organizations.

The Company plans to seek legal assistance to defend itself in the court proceedings and will apply for the appropriate license from OFSI for this purpose.

So potentially two pathways here: either the subsidiary takes ownership of the Russian assets via an auction, or there is a breakup via the ESO process.

I expect that either would lead to a split in Russian vs Non-Russian assets.

Some press coming out today in relation to the group loans. Summarised via gpt from the kommersant article

Key Points:

• The claim involves intra-group loans and potentially aims to restructure ownership of Russian Evraz assets by transferring control from foreign to local entities.

• Evraz NTMK, a Russian division, could receive these shares via court-mandated auction or settlement, consolidating ownership within Russia.

• Evraz NTMK is classified as an Economically Significant Organization (EZO), allowing it to suspend the corporate rights of sanctioned foreign entities

• Redomiciling Evraz NTMK in Russia would simplify legal and operational control, especially under Western sanctions affecting Evraz plc since 2022.

• This move could signal plans to list Evraz NTMK on a Russian stock exchange in the future.

In essence, Evraz is using Russian courts to reassert control over its domestic assets amid international sanctions and ownership complications.

No dividends in 22 or 23 flowing up from Evraz NA. Fy24 results should be available in a couple of months but I would expect the same to continue.

Which broker is sending this message

I think it’s going to be ok.

It’s $600m due to the write off of a group receivable.

Evraz North America accounts for FY23 are up on companies house ‘non-statutory audit’

Is the EV/EBITDA multiple for US Steel a fair comparison? If so, what’s Evraz NA worth standalone? £1.20?

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- investor updates

CEO putting up to £2m as well new equity

Full proposal:

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That is correct - full details up on the Metro website now