EVRAZ Disposes of Heat and Power Generating Station in Novokuznetsk
09/20/2013 - EVRAZ plc announced that it has signed an agreement for the sale of its Russian subsidiary, heat and power station Tsentralnaya TETs, located in Novokuznetsk, Kemerovo Region, to Russian Open Joint-Stock Company Optovaya Elektricheskaya Kompaniya for RUB 10,000 in cash, which the company will apply for general corporate purposes.
Tsentralnaya TETs generates and sells electricity and heat to EVRAZ ZSMK and heat to the city of Novokuznetsk.
As at 30 June 2013, Tsentralnaya TETs had gross assets, which are the subject of the transaction, of US$16.4 million. For the six months ended 30 June 2013, it produced a loss before tax of US$9 million.
The disposal is in line with EVRAZ’s plan of divesting non-core and non-performing assets.
