Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSVST.L Regulatory News (SVST)

  • There is currently no data for SVST

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

PAO Severstal: Severstal has increased its stake in the JV WRS Towers to 49%, having bought 24.5% from RUSNANO

13 Sep 2021 10:00

PAO Severstal (SVST) PAO Severstal: Severstal has increased its stake in the JV WRS Towers to 49%, having bought 24.5% from RUSNANO 13-Sep-2021 / 11:00 MSK Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.


Severstal has increased its stake in the JV WRS Towers to 49%, having bought 24.5% from RUSNANO

September 13 2021, Moscow - Severstal has bought 24.5% from one of the partners of the joint venture WRS Towers LLC - JSC RUSNANO. The transaction was closed on September 2021, as a result of which Severstal's share in the joint venture increased to 49%. The share of another partner - the Spanish company Windar Renovables S. L.-remains at the same level of 51%.

The decision of RUSNANO to withdraw from the project for the production of towers for wind power plants (wind turbines) in Taganrog was made after the joint venture reached the planned economic indicators.

WRS Towers, a joint venture between Severstal, Windar Renovables S. L. and RUSNANO, was established in 2018. Initially, the partners ' shares were distributed as follows: Windar Renovables - 51%, RUSNANO and Severstal - 24.5% each. Two years later, the WRS Towers reached their design capacity, which is up to 145 towers per year. That is how many wind turbine towers were produced in 2020. In total, since the beginning of its work, the company has produced more than 340 steel wind turbine towers. During the existence of the WRS Towers, more than 1 billion rubles were invested in its development.

Today, WRS Towers is the leading manufacturer of wind power towers in Russia. "Green" power plants built using the company's equipment have already been installed in the Kamensky, Azov and Verkhnedonsky districts of the Rostov region, as well as in the Murmansk region. VRS Towers also plans to supply products for export.

Steel billets for the towers of wind power plants are manufactured at the service metal center in Kolpino (SMC-Kolpino, the company is part of the Severstal Russian Steel division). The supply of steel products from Severstal guarantees the raw material safety of the project and quality control throughout the entire technological chain.

Alexander Shevelev, CEO of Severstal, commented:

"The increase in the share in the joint venture was a logical step to strengthen Severstal's presence in the dynamically developing renewable energy market. Over the three years of its existence, the joint venture has demonstrated good results, becoming a partner of the world leaders in the wind power plant market - Siemens Gamesa and Vestas. The management of VRS Towers is actively negotiating with potential customers about the supply of wind power towers; we plan to start shipping the first export orders in 2022. We see the greatest potential in the CIS countries, where wind energy is now beginning to take shape, as well as in Northern Europe.

Our company pays special attention to environmental problems, and increasing the presence in the equity capital in the WRS Towers fully meets the ESG strategy of Severstal".

Alisher Kalanov, Head of Investment Division at RUSNANO, added:

"The cycle of project support from RUSNANO, as a development institution that forms innovative ecosystems along the entire value chain, including production and education, has been successfully completed and as per its mandate RUSNANO exited from the project. RUSNANO does not plan to stop there and jointly with Windar, Vestas, and Severstal are discussing the ability to expand the product range of goods manufactured by WRS Towers LLC - both those customized for the future Russian government renewable energy support program and for the potential manufacture of offshore wind turbine towers - including the ones used to construct wind farms to provide the 'green' electricity to produce 'green' hydrogen".

"Through the different actions that RUSNANO has developed, this company has been a key player in the implementation of this project and also because it allowed Windar Renovables to reinforce its position in the Russian market. As a result of this operation, Windar Renovables and RUSNANO have developed a good relation that we value in a very positively way for all that it has brought for us", said Justo Acedo, General Manager at Windar Renovables.

For reference:

The steel tower of the wind turbine is a hollow structure consisting of a set of cylindrical sections of a conical shape, on which the gondola and the rotor of the wind turbine are installed, in order to contact the rotary mechanism of the wind turbine with the wind flow. Steel towers are made of pre-cut steel sheets according to certain sizes, which are then rolled and welded together with subsequent finishing, painting and equipping with internal components. The height of the tower can reach 120 meters, the diameter is up to 4.5 meters, and the weight is up to 270 tons.

For further information, please contact:

 

Severstal Investor Relations

Vladimir Zaluzhsky, Nikita Klimantov

T: +7 (495) 926-77-66

vladimir.zaluzhsky@severstal.com

na.klimantov@severstal.com

 

Severstal Public Relations

Anastasia Mishanina

T: +7 (495) 926-77-66

anastasia.mishanina@severstal.com

 

 

 

***

PАО Severstal is one of the world's leading vertically integrated steel and steel related mining companies, with assets in Russia, Latvia and Poland. Severstal is listed on MOEX and the company's GDRs are traded on the LSE. Severstal reported revenue of $6,870 mln and EBITDA of $2,422 mln in 2020. Severstal's crude steel production in 2020 reached 11.3 mln tonnes. www.severstal.com


ISIN:US8181503025
Category Code:MSCM
TIDM:SVST
LEI Code:213800OKDPTV6K4ONO53
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.:122001
EQS News ID:1232845
 
End of AnnouncementEQS News Service

UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

Date   Source Headline
7th Mar 20167:00 amRNSRestoration Works at the Severnaya Mine
29th Feb 20167:32 amRNSThe Home Member State Declaration
29th Feb 20167:29 amRNSUpdate - Rescue Operation at Vorkutaugol
26th Feb 20169:00 amRNSFormal Notice
3rd Feb 20167:00 amRNSSeverstal Reports Q4 & FY 2015 Financial Results
2nd Feb 20163:02 pmRNSRecommended Dividend and Date of AGM
1st Feb 20163:09 pmRNSSeverstal announces 2016 capex program
29th Jan 20169:13 amRNSNotice of Q4 & FY 2015 Financial Results
26th Jan 20167:00 amRNSSeverstal Reports Q4 2015 Operational Results
11th Dec 20151:30 pmRNSResult of EGM
22nd Oct 20157:00 amRNSSeverstal Reports Q3 & 9M 2015 Financial Results
21st Oct 20154:12 pmRNSThe Board Recommends Dividend Payment
13th Oct 20157:03 amRNSSeverstal Reports Q3 2015 Operational Results
12th Oct 201512:36 pmRNSNotice of Q3 & 9M 2015 Financial Results
16th Sep 20159:38 amRNSResult of Extraordinary General Meeting
13th Aug 20151:03 pmRNSThe Results of the Put Option Exercise
23rd Jul 20157:10 amRNSSeverstal Reports Q2 & H1 2015 Financial Results
23rd Jul 20157:00 amRNSThe Board Recommends Dividend Payment
16th Jul 20159:35 amRNSNotice of Q2 and H1 2015 Financial Results
15th Jul 20157:00 amRNSQ2 2015 and H1 2015 Operational Results
27th May 20158:00 amRNSVadim Larin appointed CEO of Severstal Management
27th May 20157:00 amRNSSeverstal BoD elects Chairman and SID
26th May 20157:01 amRNSResults of the Annual General Meeting ("AGM")
30th Apr 20153:34 pmRNSSeverstal 2014 Annual Report
27th Apr 20152:00 pmRNSPlans in Respect to Changes to Chairman and CEO
23rd Apr 20157:00 amRNSSeverstal Q1 2015 Financial Results
22nd Apr 20153:40 pmRNSRecommended Dividend and AGM Agenda
21st Apr 201510:59 amRNSNotice of Q1 2015 Financial Results
14th Apr 20157:02 amRNSSeverstal Q1 2015 Operational Results
10th Apr 20151:44 pmRNSAgenda for the Annual General Meeting ("AGM")
5th Mar 20157:00 amRNSProposals in respect to Board candidates
26th Feb 20159:13 amRNSMember of the Board Share Dealing Notification
18th Feb 20157:00 amRNSSeverstal Reports Q4 & FY 2014 Financial Results
17th Feb 20152:56 pmRNSRecommended Dividend and Date of AGM
12th Feb 20153:00 pmRNSNotice of Q4 and FY 2014 Financial Results
5th Feb 201510:29 amRNSTender Offer results for the notes due 2016 & 2017
2nd Feb 20159:08 amRNSAmendment to the Tender Offer
29th Jan 20159:40 amRNSSeverstal 2015 Capital investment Program
26th Jan 20157:03 amRNSQ4 2014 and FY 2014 Operational Results
20th Jan 201512:21 pmRNSExtension of the tender offer
14th Jan 201512:02 pmRNSTender Offer for the Notes due to 2016 and 2017
8th Dec 20143:00 pmRNSAgreement for Sale of Dneprometiz
3rd Dec 201411:00 amRNSChange of Name Announcement
17th Nov 20147:04 amRNSResult of Extraordinary General Meeting
5th Nov 20147:00 amRNSQ3 and 9M 2014 financial results
30th Oct 20142:09 pmRNSNotice of Results
15th Oct 20147:00 amRNSSeverstal reports Q3 2014 operational results
10th Oct 20147:35 amRNSAnnouncement of agenda for EGM (Replacement)
10th Oct 20147:08 amRNSAnnouncement of agenda for EGM
26th Sep 20147:00 amRNSAnnouncement of EGM

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.