EVRAZ Suspends Operations at EVRAZ Palini e Bertoli in ItalyEVRAZ 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.
EVRAZ 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.
EVRAZ 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.
For further information:
VP, Corporate Communications
London: +44 207 832 8998 Moscow: +7 495 937 6871
Director, Investor Relations
London: +44 207 832 8990 Moscow: +7 495 232 1370