Global banks lend £255m to Russia’s Evraz despite Ukraine tensions August 13, 2014 Russian steelmaker Evraz yesterday said it had signed a $425m (£255m) loan from international banks, showing that western institutions were still comfortable doing business there despite increasing tensions over Ukraine. FTSE 250-listed Evraz, which counts oligarch and Chelsea Football Club owner Roman Abramovich as its largest shareholder, said it had secured the five-year loan with [...]
London Report: Unemployment figures set to show recovery July 14, 2014 UNEMPLOYMENT figures this week are expected to show that the number of people out of work has dropped again, as the UK recovery takes hold. Jobs data is likely to show an unemployment rate of 6.5 per cent in the three months to May, down from 6.9 per cent in the quarter to February. Despite [...]
Evraz’s steel production falls in first quarter but prices improve April 16, 2014 RUSSIAN steelmaker Evraz yesterday blamed scheduled maintenance works for an eight per cent drop in crude steel production in the first quarter, but said prices for its products had started to pick up at the end of the period. The heavily indebted FTSE 250 company, which is drastically cutting costs this year, said it expects [...]
London Report: Cheer for UK as real pay up and inflation falling April 14, 2014 BRITAIN’S economy is set to put the recession firmly behind this week with news of the first real wage growth in four years and falling unemployment. Inflation and unemployment data are expected to show wage growth in March beating inflation. Capital Economics’ Paul Hollingsworth said: “The latest earnings data should show that the squeeze on [...]
Evraz climbs as dividend plan offsets losses April 9, 2014 RUSSIAN steel-maker Evraz saw its share price soar over seven per cent in early trading yesterday, after a surprise promise of a dividend and cost cuts offset wider losses in its full-year results. The FTSE 250-quoted company reported losses of $572m (£342m), a 34.6 per cent increase from 2012, while revenue fell 2.1 per cent [...]
Analyst Views: Why was the market so pleased with Evraz’s full-year results? April 9, 2014 DINNUR GALIKHANOV | ATONNobody cares about the losses, everyone’s used to them and they’re reflective of the general condition of the industry. They’re paper losses anyway, they’re not affecting the cash generation of the business. IRYNA TRYGUB-KAINZ | RAIFFEISEN CENTROBANKThe dividend announcement was a real surprise and pushed the share price up today, although they [...]
London Report: M&S in focus as clothing sales forecast to fall April 7, 2014 HIGH street bellwether Marks & Spencer will be in the spotlight this week as the giant retailer updates the City for the three months to the end of March. Analysts predict that the company’s clothing sales will fall for the 11th quarter in a row, inviting questions about what the firm can do to revamp [...]
Forget sanctions: Putin has already traumatised fragile Russia March 10, 2014 AT FIRST sight, Vladimir Putin’s assertion of Russia’s power and influence in Crimea has been a neat operation with low costs. Moscow’s aggression can even look like a nice little earner. While the EU, US and IMF offer aid to Ukraine, Russia gets to keep the undisbursed $12bn (£7.2bn) of its $15bn soft loan to [...]
Evraz sells off coal mine for £195 October 15, 2013 FTSE 250-listed Russian steelmaker Evraz yesterday confirmed it has agreed to sell the Gramoteinskaya thermal coal mine to Lehram Capital Investments for just 10,000 roubles (£194.50), as part of its strategy to divest non-performing assets. The mine posted pre-tax losses of $19m (£11.9m) last year. Evraz is focusing on developing coking coal mines and sees [...]
Evraz sells iron ore mine for £12m September 19, 2013 FTSE 250 Russian steelmaker Evraz yesterday said it has sold its iron ore mining and processing plant subsidiary to NPRO Ural for $20m (£12.4m), as part of its plan to divest non-core assets to cut costs. In addition, Evraz will pay up to $12.4m to the subsidiary “for the purpose of normalising the working capital” [...]