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Steelmaker Evraz scraps demerger of coal assets after Russia sanctions -Breaking

by Mike Robinson

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© Reuters. EVRAZ logos can be seen on Nizhny Tagil’s metallurgical combination NTMK buildings in Nizhny Tagil (Russia), November 21-2021. REUTERS/Maxim Shemetov

(Reuters] – Evraz – The Russian steelmaker whose largest shareholder was Roman Abramovich said that the company will not pursue the dissolution of its coal assets. It cited sanctions against Ukraine following the invasion.

London-listed company claimed that the unprecedented sanctions on Russia were “outside its (its] control”.

After Evraz indefinitely stopped the demergeration of coal assets, consolidated last month under PJSC Raspadskaya(RASP), this move is now.

Evraz indicated that RASP shares would still be of interest to the company’s shareholders if it resumes trading.

After brokers refusing to trade shares of Russian-focused companies, Russell Index Provider announced in March that it will remove four companies from all FTSE indexes including Evraz.

Britain placed sanctions against Russian oligarch Abramovich (owner of Chelsea soccer team) on March 10. He was banned from traveling to Russia and his assets were frozen.

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