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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Evraz Plc | LSE:EVR | London | Ordinary Share | GB00B71N6K86 | ORD USD0.05 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 82.68 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1049Q Evraz Group S.A. 14 March 2008 FOR IMMEDIATE RELEASE Evraz to acquire IPSCO's Canadian plate and pipe business from SSAB for a net cost of $2.3 billion: acquisition of IPSCO Tubulars business from SSAB for $4.025 billion and the on-sale of IPSCO's US tubular and seamless business to TMK for approximately $1.7 billion March 14, 2008 - Evraz Group S.A.(LSE: EVR) ("Evraz") today announced the acquisition of IPSCO's Canadian plate and pipe business ("IPSCO Canada") for a net cost of $2.3 billion. The final value will be subject to certain closing adjustments. With plants in Regina, Calgary and Red Deer, IPSCO Canada is a leading North American producer of steel plate, as well as pipe for the oil and gas industry. This purchase is yet another step in the implementation of Evraz's strategy to build a strong platform in the North American downstream markets of steel plate and tubular products. Commenting on the transaction, Alexander Frolov, Evraz's Chairman and CEO, said, "Following the successful acquisition of Oregon Steel Mills, this transaction will further enhance Evraz's existing North American presence in high value-added steel segments. This deal will increase our exposure to the attractive energy and infrastructure sectors throughout the region. We expect substantial synergies from the combination of IPSCO Canada and Evraz's existing North American operations. We are delighted to acquire a company with the long history and outstanding track-record of IPSCO Canada and look forward to welcoming IPSCO Canada's employees to the Evraz family of companies." Under the structure of the agreed transaction, Evraz will acquire the IPSCO Tubulars business from SSAB for $4.025 billion. Evraz has also entered into definitive back-to-back agreements with OAO TMK and its affiliates ("TMK"), Russia's leading tubular player, to sell certain of the acquired US businesses for $1.2 billion. In addition, Evraz expects to sell the remaining acquired US businesses of IPSCO Tubulars to TMK for approximately $0.5 billion in 2009. All of these transactions are subject to certain closing adjustments and conditions. As a result of these transactions, the net cost of the acquisition for Evraz is expected to be approximately $2.3 billion. The transaction will be financed by a combination of a bridge loan raised at the Evraz level, as well as a non-recourse term loan arranged at the acquired company level. Credit Suisse Securities (Europe) Limited and Goldman Sachs International are acting as joint financial advisors to Evraz. Cleary Gottlieb Steen & Hamilton LLP and Blake, Cassels & Graydon LLP are acting as legal counsel to Evraz. Forward Looking Statement: This press release contains forward-looking statements, including statements regarding the expected benefits of the acquisition, which involve a number of risks and uncertainties. These statements are based on Evraz's current expectations and beliefs. Actual results could differ materially from the results implied by these statements. Factors that may cause or contribute to such differences include: the risk that the conditions to the transaction will not be satisfied; changes in both companies' businesses during the period between now and the closing; developments in obtaining regulatory approvals for the transaction; the successful integration of IPSCO Canada into Evraz's businesses subsequent to the closing of the transaction; timely development; competitive products and pricing, as well as fluctuations in demand; cost and availability of raw materials; potential equipment malfunction; plant construction and repair delays; the ability to retain key management and technical personnel of IPSCO Canada; and adverse reactions to the proposed transaction by customers, suppliers and strategic partners. Evraz is under no obligation to (and expressly disclaims any such obligation to) update or alter their forward-looking statements whether as a result of new information, future events or otherwise. Investor Notice: Credit Suisse Securities (Europe) Limited and Goldman Sachs International, who are authorised and regulated in the United Kingdom by the Financial Services Authority, are acting exclusively for Evraz Group S.A. and no one else in connection with the acquisition of the Business and will not be responsible to anyone other than Evraz Group S.A. for providing the protections afforded to clients of Credit Suisse Securities (Europe) Limited and Goldman Sachs International or for providing advice in relation to the acquisition of the Business or any other matters referred to in this announcement. # # # For further information: Evraz Group S.A. Irina Kibina Vice President Corporate Affairs and Investor Relations Tel: +7 495 232 1370 IR@evraz.com Evraz Group S.A. is one of the largest vertically-integrated steel and mining businesses. In 2007, Evraz Group produced 16.3 million tonnes of crude steel. Evraz Group's principal assets include three of the leading steel plants in Russia: Nizhny Tagil (NTMK) in the Urals region and West Siberian (Zapsib) and Novokuznetsk (NKMK) in Siberia, as well as Palini e Bertoli in Italy, Evraz Vitkovice Steel in the Czech Republic, Evraz Oregon Steel Mills and Claymont Steel in the USA. Its fast-growing mining businesses comprise Evrazruda, the Kachkanarsky (KGOK) and Vysokogorsky (VGOK) iron ore mining complexes, Yuzhkuzbassugol company and an equity interest in the Raspadskaya coal company. The mining assets enable Evraz Group to be a vertically-integrated steel producer. Evraz Group also owns and operates the Nakhodka commercial sea port, in the Far East of Russia. Evraz vanadium operations comprise Strategic Minerals Corporation, USA, and Highveld Steel and Vanadium Corporation, South Africa. For further information visit www.evraz.com This information is provided by RNS The company news service from the London Stock Exchange END ACQKGGMFVDNGRZG
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