EVRAZ announced completion of disposal of EVRAZ Nakhodka Trade Sea Port
EVRAZ has announced the completion of disposal of Joint Stock Company EVRAZ Nakhodka Trade Sea Port.
“Further to the announcement on 23 May 2017 that the independent shareholders of the Company had approved the recommended disposal of the Joint Stock Company EVRAZ Nakhodha Trade Sea Port to Lanebrook Limited (the “Transaction”), EVRAZ plc (the “Company”) is pleased to announce that all conditions to the Transaction have been satisfied and that the Transaction has completed”, says the statemetnt.
The Nakhodka Port is one of the largest stevedoring companies in the Far East of Russia, which is connected to all points of the Eurasian continent by rail, assisting in both directions in the flow of goods between Asia and Europe. EVRAZ acquired 91% of its share capital in 2003, with the remainder acquired in 2007. The port has a daily capacity to unload up to 500 rail wagons containing various cargoes, and in the year ended 31 December 2016 the port handled approximately 10 million tons of cargo.
The port's main customers are EVRAZ and Sibuglemet. For the year ended 31 December 2016, the EVRAZ Group accounted for approximately 66 per cent. and Sibuglemet accounted for approximately 22 per cent. of the Nakhodka Port's total throughput. For the year ended 31 December 2016, the Nakhodka Port had gross assets of US$50.3 million and net income of US$44.5 million.
EVRAZ is a vertically integrated steel, mining and vanadium business with operations in Russia, Ukraine, the United Stated, Canada, the Czech Republic, Italy and South Africa. EVRAZ is among the top steel producers in the world based on crude steel production of 13.5 million tonnes in 2016. A significant portion of the company's internal consumption of iron ore and coking coal is covered by its mining operations. The Group is listed on the London Stock Exchange and is a constituent of the FTSE 250. EVRAZ employs approximately 80 000 people. The company's consolidated revenues for the year ended 31 December 2016 were US$7.713 million, and consolidated EBITDA amounted to US$1.542 million.
