Evraz Group wins auction in Georgia

Evraz Group wins auction in Georgia

A press release from Russian steel producer Evraz Group discloses that the company won the tender held for the privatization of Chiatura Manganese and the Vartsikhe Hydro Power Plant Cascade in Georgia. The $132 million acquisition is subject to certain conditions and is expected to be completed by the end of February 2005. The Chiatura Manganaese acquisition will make it possible for Evraz Group to satisfy its ferromanganese and silicon manganese requirements. The group will also be a large supplier of ferroalloys. Meanwhile, planning to acquire Rustavi Steel Works in Georgia, Evraz Holding has reportedly submitted an offer for the state-owned producer of debar and hot rolled seamless pipe.