Evraz owns now 100% of its major Russian production companies
October 26, 2007 - Evraz Group S.A. (LSE: EVR) announces that Evraz Group through its subsidiaries (together referred to as “Evraz”) has completed the buyout of all outstanding common stock of steel mills NTMK and Zapsib, iron ore mining and processing complexes KGOK and VGOK, and the Nakhodka Commercial Sea Port (NMTP). The procedure was carried out in accordance with the Russian legislation through mandatory offers to all minority shareholders of the respective Russian companies.
As a result of the buyout, Zapsib, NTMK, KGOK, VGOK and NMTP have become Evraz’s wholly owned subsidiaries.
Alexander Frolov, Evraz’s Chairman and CEO, commented,
“Successful completion of the buyout is an important step in simplification and optimisation of Evraz’s ownership and management structures allowing to effectively align all the business processes and strategic management decisions within the group. The way the buyout process was organised and carried out has demonstrated the Company’s commitment to international best practices in corporate governance”.
For further information:
Corporate Affairs and Investor Relations
Tel: +7 495 232 1370