Evraz closes deal to sell vanadium assets in South Africa

Awards

Evraz Group S.A., Russia’s largest steelmaker, announced late on Friday it has completed a deal to sell vanadium assets in South Africa.

“Under the agreements, Evraz sold Highveld’s Vanchem operations, its 50% shareholding in South Africa Japan Vanadium (Proprietary) Limited, as well as a non-dividend bearing equity interest in Highveld`s Mapochs Mine (Proprietary) Limited,” the company said on its website.

The deal, closed on August 29, 2008, will open the way for Evraz to buy a majority stake in the Highveld Steel and Vanadium Corporation, which was prevented by the European Commission and South African authorities over competition concerns. Evraz Group S.A. became a majority owner of Highveld in May 2007.

The Russian company has three steel-making subsidiaries in Siberia, and controls the Palini e Bertoli steel plant in Italy and Vitkovice Steel in Czech Republic. Last year Evraz Group posted revenue calculated to International Financial Reporting Standards of $12.8 billion, net profit of $2.44 billion, and EBITDA at $4.25 billion. (rian.ru)

ADVERTISEMENT

Nagy: More Involvement in Insurance Market Banking

Nagy: More Involvement in Insurance Market

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

Home Loan Rates Climb Over 10% Residential

Home Loan Rates Climb Over 10%

Countries Exchange Experiences for Better Production of Catt... Conferences

Countries Exchange Experiences for Better Production of Catt...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.