Evraz sells Vitkovice Steel to investor group for almost Kc2bn

published:

updated:
04.04.2014 09:41

Ostrava - Russian group Evraz has sold its Czech division Evraz Vitkovice Steel (EVS) to a group of private investors, EVS's spokesman Jaromir Krisica told CTK today without disclosing the price of the transaction.

foto

Huť ArcelorMittal Ostrava, vysoká pec - ilustrační foto. ČTK Ožana Jaroslav, ČTK

Server Patria.cz has said the price of EVS was $89m (almost Kc1.8bn). In addition, the new owners also acquired EVS's obligations totalling $198m (almost Kc3.8bn).

The new owners want to continue to develop EVS as an independent player on the market for rolled products, Krisica said.

The new owners are Martinley Holdings, Nabara Holdings, Vitect Services, Hayston Investments and Dawnaly Investments, each buying 20 percent of EVS, according to Patria.cz.

"Investors intend to improve the economy of EVS through the synergies arising out of an opportunity to purchase raw materials from various independent suppliers," Krisica said.

In the near future, investors do not plan to make significant changes in the operations and management of EVS, he added.

Evraz Vitkovice Steel is the third biggest steel company in the Czech Republic. It employs about 1,100 people.

Evraz, which is Russia's biggest steel group, bought EVS in 2005 for $285m.

Written by:
www.ctk.cz

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