EVRAZ is increasing its 2Q11 EBITDA guidance (6404L)
August 03 2011 - 2:06AM
UK Regulatory
TIDMEVR
RNS Number : 6404L
Evraz Group S.A.
03 August 2011
EVRAZ IS INCREASING ITS 2Q 2011 EBITDA GUIDANCE
3 August 2011- EVRAZ Group(LSE: EVR) ("EVRAZ" or the "Company")
announces today that it is increasing its EBITDA guidance for 2Q
2011 to US$875-950 million from a previously announced guidance
range of US$750-825 million.
The increase in guidance reflects higher than expected steel
prices, a later than expected increase in the cost of iron ore and
scrap and the postponement of certain repairs until 3Q 2011.
According to the management accounts, EVRAZ's total debt as of
30 June 2011 was approximately US$7.4 billion and cash and cash
equivalents amounted to approximately US$1.1 billion. Consequently,
net debt amounted to approximately US$6.3 billion.
As a result, the net debt/LTM EBITDA ratio as of 30 June 2011 is
expected to be in the range of 2.18-2.25x (as 2H 2010 EBITDA was
US$1,196 million), which is below the threshold imposed by debt
covenants and gives the Company greater flexibility in the
execution of its strategic plans.
EVRAZ is also announcing today that it is considering listing
alternatives to its existing GDR programme. In order to support
this process, 1H 2011 financial results are being audited and are
expected to be published on or around 12 October 2011.
###
For further information:
Media contact: Oleg Kuzmin VP, Corporate Communications +7 495
937 6871 media@evraz.com
Investor contact: Alexander Boreyko Director, Investor Relations
+7 495 232 1370 ir@evraz.com
EVRAZ GROUP S.A. (EVRAZ) is a vertically-integrated steel,
mining and vanadium business with operations in the Russian
Federation, Ukraine, USA, Canada, Czech Republic, Italy and South
Africa. In 2010, the Company produced 16.3 million tonnes of crude
steel and sold 15.5 million tonnes of steel rolled products.
EVRAZ's internal consumption of iron ore and coking coal is covered
by its mining operations. EVRAZ's consolidated revenues for the
year ended 31 December 2010 were US$13,394 million and consolidated
adjusted EBITDA amounted to US$2,350 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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