20th Apr 2015 06:37
LONDON (Alliance News) - Steel maker Evraz PLC Monday said its crude steel and steel products output was flat in the first quarter of 2015 compared with the previous quarter, meaning output was slightly up on the year-earlier period, while it will return USD336.2 million to shareholders after its share tender ended.
Consolidated crude steel output was stable on the quarter at 3.9 million tonnes a quarter, with its Russian steel mills running at full capacity. Output was up 1.1% on the year. Production of steel products, net of re-rolled volumes, was also unchanged on the quarter at 3.7 million tonnes, an 8.7% increase on the year.
It said production of semi-finished products for export rose 5%, helped by the devaluation of the Russian rouble and Ukrainian hryvnia, while production of railway products in Russia and North America rose 7% due to increased orders from the company's key customers. That offset a decline in production volumes for other steel products caused by the lower demand and increased competition for construction products in Russia and for flat-rolled products in North America.
Evraz's consolidated raw coking coal output and production of coking coal concentrate decreased on the quarter by 9% and 10%, respectively, due to lower output at the Raspadskaya coal company primarily as a result of a planned longwall move at one of its mines.
Evraz had said earlier this month that it would return up to USD375 million to shareholders through a tender offer, a move driven by a strong performance in 2014 and its confidence in its prospects.
On Monday, it said a total of 108.5 million shares were successfully tendered in the offer at USD3.10 a share, meaning it will return USD336.2 million to shareholders. The successfully tendered shares represent 7.2% of Evraz's issued share capital as of Friday.
By Steve McGrath; [email protected]; @stevemcgrath1
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