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Evraz closes deal to sell vanadium assets in South Africa

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)