18th Oct 2019 08:06
(Alliance News) - Steelmaker Evraz PLC on Friday said an ongoing efficiency programme is expected to add USD350 million to 2019 earnings before interest, taxes, depreciation and amortisation.
Evraz shares opened 0.9% lower on Friday at 389.74 pence each in London.
The London-headquartered company also said it is considering three major investments projects to increase sales of finished steel products. The investments will be made between 2020 and 2023 and, as a result, Evraz is predicting capital expenditure of USD1 billion per annum for each of the years.
For 2019, the company sees capital expenditure at USD850 million.
As part of an ongoing efficiency improvement programme, which includes customer focus and cost saving initiatives, Evraz is targeting saving USD300 million per annum. It has already identified around USD260 million per annum savings on average for 2019 to 2024.
Evraz is hosting its annual Capital Markets Day on Friday, where it will provide an overview of the global steel and raw material market trends and strategic goals of the company.
By Tapan Panchal; [email protected]
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