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Bloomberg: EVRAZ to Consider Sale of Czech Steel Unit After Weak Demand
04/11/2013 - Evraz Plc, Russia’s largest steelmaker by output, will study the potential sale of its lossmaking Czech unit where some operations were idled earlier this month because of weak demand, Bloomberg reports.
Evraz Plc, Russia’s largest steelmaker by output, will study the potential sale of its lossmaking Czech unit where some operations were idled earlier this month because of weak demand, Bloomberg reports.
“We are considering different options regarding the plant,” chief executive officer Alexander Frolov said on a conference call with reporters. The company could put a permanent halt to crude steel production at the Ostrava-based plant and only keep steel-rolling facilities operating, or sell the unit, he said.
Evraz is reviewing the future of the plant after recording a US$308 million net loss for 2012 and scrapping the final dividend. It bought a stake in Vitkovice for US$285 million in 2005 after beating out rivals including Mittal Steel…
