Steelmaker Evraz scraps demerger of coal assets after Russia sanctions
2022.04.01 15:14
Logos of EVRAZ group are seen on buildings of Nizhny Tagil metallurgical combinate NTMK, in Nizhny Tagil, Russia November 21, 2021. REUTERS/Maxim Shemetov
(Reuters) – Evraz, the Russian steelmaker whose biggest shareholder is Roman Abramovich, will not proceed with the separation of its coal assets, it said on Friday, citing sanctions on the country following the Ukraine invasion.
The London-listed company said the “unprecedented” sanctions against Russia were “outside of (its) control”.
The move comes after Evraz had indefinitely suspended the demerger of its coal assets, consolidated under PJSC Raspadskaya (RASP), last month.
Evraz said its shares would continue to hold interest in RASP when trading of its shares is restored.
Index provider FTSE Russell in March said it would delete four Russia-focussed companies including Evraz from all FTSE’s indexes, after many brokers refused to trade their shares.
Britain imposed sanctions on Russian oligarch Abramovich, the owner of Chelsea soccer club, on March 10, freezing his assets and preventing him from travelling to the country.
