News article

London stock market listing boosts Evraz

London stock market listing boosts Evraz
//
The decision to list Russian steel manufacturer Evraz on the London Stock Exchange (LSE) has paid dividends for owner Roman Abramovich and stock market traders.

Shares in the business have jumped from 40.25 pence to 360.25 pence since the listing and the company is valued at £4.7 billion.

Chief executive of Evraz Alexander Frolov said: "This result underlines the confidence of the capital markets in our strategy."

Mr Abramovich, who owns Chelsea Football Club, has a 35.32 per cent stake in the company, which is Russia's largest producer of steel.

However, Evraz's strong performance on the LSE belies a shaky period of growth in the North American market, which has seen competition increase in recent months.

Some 250 Canadian workers are to be handed their notices and Evraz believes the figure could rise because there are only a limited number of projects it can work on in the region.

Posted by Greg SeckerADNFCR-1681-ID-800788843-ADNFCR