Last checked at 30 Jul 2013 17:28
EVRAZ Suspends Operations at EVRAZ Palini e Bertoli in Italy
30 July 2013 - EVRAZ plc (LSE: EVR) ("EVRAZ" or the "Company") announces that due to unfavourable market conditions it has been decided to temporarily suspend operations at EVRAZ Palini e Bertoli's (Italy) plate mill starting from 20 August 2013. EVRAZ is expecting the operation to remain idle until at least the end of October 2013. The Company will closely monitor the developments in the European plate market and any further decisions on reopening will be subject to prevailing market conditions.
EVRAZ Palini e Bertoli remains committed to duly perform under all existing arrangements and will execute all shipments under the current order book. After the suspension of EVRAZ Palini e Bertoli customer orders will be channelled to other facilities of EVRAZ to the extent possible. The Company doesn't expect any adverse effects on the performance of the Russian operations, which previously supplied slabs to EVRAZ Palini e Bertoli, as these volumes can be offered to the market at similar terms.
EVRAZ is undertaking all necessary steps to minimise the costs of the temporary shutdown and maximise the release of the working capital associated with the Italian mill.
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For further information:
Media Relations:
Vsevolod Sementsov
VP, Corporate Communications
London: +44 207 832 8998 Moscow: +7 495 937 6871
media@evraz.com
Investor Relations:
Sergey Belyakov
Director, Investor Relations
London: +44 207 832 8990 Moscow: +7 495 232 1370
ir@evraz.com
EVRAZ is a vertically integrated steel, mining and vanadium business with operations in the Russian Federation, Ukraine, USA, Canada, Czech Republic, Italy and South Africa. EVRAZ is among the top steel producers in the world based on crude steel production of 15.9 million tonnes in 2012. In 2012 EVRAZ sold 15.3 million tonnes of steel products. 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 2012 were US$14,726 million, and consolidated EBITDA amounted to US$2,012 million.