The Russian mining and steel producing company Evraz Group (Evraz) has announced the completion of the first stage of the earlier announced acquisition of several producing assets in Ukraine.
For a consideration of $1 million Evraz has acquired a 51.4 percent stake in Cyprus-based Palmrose Limited, which had owned several Ukrainian assets: namely, a 99.25 percent stake in iron ore mining and processing complex Sukhay Balka, 95.57 percent in steel producer Dnerpopetrovsk Iron and Steel Works, a 93.74 percent stake in coking plant Bagleykoks, a 98.65 percent stake in coking plant Dneprkoks and 93.83 percent in Dneprodzerhinsk Coke Chemical Plant.
The next stage of the transaction - the receipt of EU clearance - is expected to be completed shortly.