Evraz warns over impact of Ukraine unrest
Steel giant said operations in Ukraine not affected by the recent unrest but signals "contingency plans" for a change in circumstances
Evraz, the London Stock Exchange-listed steel company where Roman Abramovich is the biggest shareholder, today declared it had not been affected yet by sanctions but said it was preparing "contingency plans" for a change in circumstances.
The company, of which the Chelsea FC owner owns about 30 per cent, saw its shares fall more than 2 per cent, by 2.4p to 111.5p, this morning after disappointing some investors with a net profit of $1 million in the first half of the year compared with a loss of $146 million in the same period last year, affected by one-off reorganisation costs.
Like other steel firms, Evraz - Russia's biggest - has been hit by massive oversupply and waning demand in China. It said its operations in Ukraine had not been affected by the unrest there.
Its reorganisation allowed it to cut its debts 7 per cent to $6billion from this stage last year.
Evraz earlier this month raised $425m from European lenders including ING, Deutsche Bank, Nordea, Societe Generale and Raiffeisen in a move that eased concerns somewhat about Russian businesses' ability to raise funds in the west.
However, bigger companies have still struggled. Only yesterday, two major Russian oil firms, Rosneft and Lukoil, turned to a local Russian bank for loans after struggling to obtain financing in Europe.
Last month, Evraz paid a one-off dividend to shareholders of $90.4m - of which around $30m went to Abramovich - reflecting the cash portion of the proceeds of its sale of a steel business, but there was no half year dividend today.
- 1 Russell Brand says he will 'probably' give up acting to focus on his revolution
- 2 Watch what happened when food critics were unknowingly served McDonald's
- 3 David Beckham's Haig Club whisky is exactly what’s wrong with the Highlands
- 4 Queen's first tweet: Reply telling Her Majesty to 'f*** off' broadcast on BBC News
- 5 #AskNigelFarage: Twitter starts hilarious Q&A for Ukip leader
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Tony Blair 'says Ed Miliband will lose 2015 general election'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Putin: The US is to blame for almost all the world's major conflicts
Attacks on 'Ukip Calypso' show how skewed people’s priorities are
iJobs Money & Business
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...
£30000 - £35000 Per Annum plus excellent benefits: Clearwater People Solutions...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...