Date of publication: 26.09.2014
EVRAZ North America (the “Company”), a subsidiary of EVRAZ plc (“EVRAZ”), announced today that it has filed a registration statement with the Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering (“IPO”) of ordinary shares in the Company.
The number of shares to be offered and the price range for the offering have not yet been determined.
The Company intends to use the net proceeds of the proposed offering to complete the acquisition of certain North American assets from EVRAZ, to repay existing intercompany debt to EVRAZ, and for general corporate purposes.
Following the IPO, EVRAZ will continue to be the majority owner of the Company. The proposed IPO does not represent a change to the Company’s operating model or business strategy.
Citigroup and Goldman, Sachs & Co. are acting as the joint book runners for the proposed offering.
The offering will be made only by means of a prospectus, which, when available, may be obtained by contacting:
(1) Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, (800) 831-9146;
or (2) Goldman, Sachs & Co., Attn.: Prospectus Department, 200 West Street, New York, NY 10282, (866) 471-2526, email@example.com.
A registration statement relating to the proposed offering has been filed with the SEC but has not yet become effective. The shares to be registered may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sales of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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EVRAZ North America (the “Company”) is a wholly owned subsidiary of EVRAZ plc, one of the largest vertically integrated steel and mining businesses in the world. The Company is a leading North American producer of engineered steel products for rail, energy and industrial end markets. The Company has six production sites located in the USA (Portland, Oregon; Pueblo, Colorado) and Canada (Regina, Saskatchewan; Calgary, Camrose and Red Deer, Alberta).
EVRAZ is a vertically integrated steel, mining and vanadium business with operations in the Russian Federation, Ukraine, Kazakhstan, USA, Canada, Czech Republic, Italy and South Africa. EVRAZ is among the top steel producers in the world based on crude steel production of 16.1 million tonnes in 2013. A significant portion of the company's internal consumption of iron ore and coking coal is covered by its mining operations. The company's consolidated revenues for the year ended 31 December 2013 were US$14,411 million, and consolidated EBITDA amounted to US$1,821 million. The company's consolidated revenues for the six months ended 30 June 2014 were US$6,805 million, and consolidated EBITDA amounted to US$1,080 million.
The information in this release contains forward-looking information that involves substantial risks and uncertainties regarding the proposed initial public offering by EVRAZ North America. Such risks and uncertainties include, among other things, the possibility that the initial public offering will not be completed within a particular time frame or at a particular offering amount, or at all, including as a result of regulatory, market or other factors. EVRAZ North America assumes no obligation to update forward-looking statements contained in this release as the result of new information, future events or developments.
For further information:
Vsevolod Sementsov VP, Corporate Communications
London: +44 207 832 8998 Moscow: +7 495 937 6871
London: +44 207 832 8990 Moscow: +7 495 232 1370