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Evraz Changes Accounting Policies
02/01/2011 - Evraz Group SA has resolved to change its accounting policies regarding the measurement of certain classes of property, plant and equipment.
Evraz Group SA has resolved to change its accounting policies regarding the measurement of certain classes of property, plant and equipment.
Evraz made a voluntary change to its accounting policies to account for selected classes of property, plant and equipment (land, buildings and constructions, machinery and equipment) under the revaluation model instead of the cost model as of January 1, 2009. Evraz continued to apply the cost model for other classes of property, plant and equipment.
Evraz made a voluntary change to its accounting policies to account for selected classes of property, plant and equipment (land, buildings and constructions, machinery and equipment) under the revaluation model instead of the cost model as of January 1, 2009. Evraz continued to apply the cost model for other classes of property, plant and equipment.
Evraz has now resolved to revert to the cost model of accounting for all classes of property, plant and equipment in order to make its consolidation financial statements comparable with other companies in the industry. The company said the cost model of accounting will also provide more relevant and reliable information about the company's financial position and financial performance.
Evraz Group SA is a large vertically-integrated steel, mining and vanadium business with operations in the Russian Federation, Ukraine, Europe, USA, Canada and South Africa. The company is ranked the 14th-largest steel producer in the world based on crude steel production of 15.3 million tonnes in 2009. Evraz is largely self-sufficient in respect of its iron ore and coking coal requirements with the majority of its internal consumption covered by its mining operations. Evraz's consolidated revenues for the year ended 31 December 2009 totaled US$9,772 million, while consolidated adjusted EBITDAamounted to US$1,237 million.
