Last checked at 11 Jun 2014 08:06
EVRAZ plc Holds Investor Day
11 June 2014 - EVRAZ plc (LSE: EVR) ("EVRAZ" or the "Company") announces that it will host its Investor Day at 9.00 am in London today.
The Investor Day will consist of presentations by Alexander Abramov (Chairman), Sir Michael Peat (Senior Independent Non-Executive Director) and Alexander Frolov (Chief Executive Officer) as well as by members of EVRAZ's senior management team setting out the Company's near-term strategic priorities for 2014-2015.
Highlights of the day's presentations include:
· Strategic fundamentals remain unchanged despite market challenges during the last 2 years
· The Company has three key strategic priorities:
o Selective investments in low risk / high return projects with limited capex
o Cost-cutting initiatives to reinforce competitiveness of assets
o Customer focus to leverage leading market positions
· In coking coal, EVRAZ is implementing an optimisation plan to strengthen profitability; Raspadskaya is a low cost growth story with capex being flexible and dependent on volumes
· In iron ore mining, after a major turnaround programme Evrazruda is re-emerging as a compact operation, ensuring c.40% of EVRAZ ZSMK's needs at competitive costs; cost cutting and optimisation plans in place for further improvement of EVRAZ KGOK's and Evrazruda's cash cost position
· Timir project will be executed subject to securing project finance
· Reduced development capex in the Company's steel business going forward, selective implementation of investment projects
· The Company has best in class assets for rail production in Russia and North America with superior product lines, high margins, growing volumes and a loyal customer base
· EVRAZ North America's business is uniquely positioned to benefit from the oil & gas renaissance in North America
· Deleveraging is a priority with a target ratio of Net debt / EBITDA of below 3.0x
· Operational savings of $94m were achieved in Q1 2014, the Company is on track to meet its 2014 guidance of $400m including $50m of general and administrative expenses
· Q1 2014 capex is US$158 million
The presentations will contain no material new information relating to current trading in addition to that made in the Company's Interim Management Statement on 16 April 2014.
The presentation is available on the Company's website: http://www.evraz.com/investors/presentations/
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For further information:
Investor Relations:
Sergey Belyakov
Director, Investor Relations
London: +44 207 832 8990 Moscow: +7 495 232 1370
ir@evraz.com
Media Relations:
Vsevolod Sementsov
VP, Corporate Communications
London: +44 207 832 8998 Moscow: +7 495 937 6871
media@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.