Business
Transaction announcement
Transaction announcement.
About this update from Evraz Plc
[{"type":"text","content":"\n \nRNS Number : 3671G Evraz Plc 01 March 2018 \n\nEVRAZ PLC enters into agreement to dispose of EVRAZ DMZ\n1 March 2018 - EVRAZ plc (LSE: EVR) (\"EVRAZ\" or the \"Company\") announces today that its wholly-owned subsidiary FEGILTON LTD signed an agreement to dispose its entire share in DRAMPISCO LTD, a holding company of EVRAZ DMZ (\"EDMZ\") to SENALIOR INVESTMENTS LIMITED (a company of the DCH Group) for approximately US$106 million, adjustable for an amount of actual working capital and net financial debt of EDMZ and for fair value of the issued guarantees (\"the Transaction\"). \nThe Consideration will be payable in several instalments: an initial US$25 million payable within five business days after signing of the sale and purchase agreement, with the rest to be paid not later than\n15 December 2018.\nThe Transaction proceeds will be applied to general corporate purposes.\nEDMZ located in Dnepr, Ukraine, is an integrated steel mill specialising in the manufacture and sale of pig iron, steel rolled products. In 2017 EVRAZ DMZ produced 1,019 thousand tonnes of pig iron, 918 thousand tonnes of crude steel and 785 thousand tonnes of steel rolled products.\nIn 2017 EDMZ generated US$586 million of revenue from continuing operations. As of 31 December 2017, EDMZ had gross assets of US$153 million. For the year ended 31 December 2017, it produced a gross profit of US$26 million, US$16 million of EBITDA and a profit before tax of US$1 million.\nThe EDMZ employs just over 4 thousand people. \n###\n \nFor further information:\n \nMedia Relations:\nLondon: +44 207 832 8998 Moscow: +7 495 937 6871\[email protected]\n \nInvestor Relations:\nLondon: +44 207 832 8990 Moscow: +7 495 232 1370\[email protected]\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCSSFSAFFASEID\n ","length":3208,"tagName":"div"}]