Business
EVRAZ suspends operations at Palini e Bertoli
EVRAZ suspends operations at Palini e Bertoli.
About this update from Evraz Plc
[{"type":"text","content":"\n \nRNS Number : 5233K Evraz Plc 30 July 2013 \n \n\nEVRAZ Suspends Operations at EVRAZ Palini e Bertoli in Italy\n \n30 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.\n \nEVRAZ 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.\n \nEVRAZ 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.\n \n \n \n###\n \nFor further information:\n \nMedia Relations: \nVsevolod Sementsov\nVP, Corporate Communications\nLondon: +44 207 832 8998 Moscow: +7 495 937 6871\[email protected]\n \nInvestor Relations:\nSergey Belyakov\nDirector, Investor Relations\nLondon: +44 207 832 8990 Moscow: +7 495 232 1370\[email protected]\n \n \nEVRAZ 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 compa...