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08/04/2014
15:43
M&A: EVRAZ sells EVRAZ VÝtkovice Steel in Czech Republic

EVRAZ plc has completed the sale of its wholly-owned subsidiary EVRAZ VÝtkovice Steel to a group of private investors (Martinley Holdings Limited, Nabara Holdings Limited, Vitect Services Limited, Hayston Investments Limited and Dawnaly Investments Limited, with each buying 20% of EVS), for a total amount of $89 million adjustable for the actual level of EVS working capital, EVRAZ informed.

In addition, the buyers are assuming $198 million of EVS debt liabilities, including the repayment of EVS's inter-company debt ($128 million) to EVRAZ.

EVRAZ will use the sales proceeds for general corporate purposes, including, but not limited to, the repayment of some of its debt.

The rolled metal maker located in Ostrava, Czech Republic, was part of EVRAZ since November 2005. In 2013, EVS produced 571 thousand tonnes of steel products.

According to EVS standalone IFRS financial statements, EVS earned $442 million in revenues in 2013. As of December 31, 2013, EVRAZ VÝtkovice Steel had gross assets of $278 million.

The transaction is not expected to affect EVS production or the composition and number of its work force.

Evraz Group S.A. is one of the largest vertically-integrated metallurgical and mining companies. It combines three leading steel-making enterprises (Nizhny Tagil, West Siberian and Novokuznetsk iron-and-steel works) along with Evraz Palini e Bertoli (Italy), Evraz VÝtkovice Steel (the Czech Republic), Evraz Inc. NA (production assets in the USA and Canada), metallurgic and ore assets in Ukraine, Highveld Steel and Vanadium Corporation (RSA).




"AK&M", 08.04.2014

 

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