Evraz Group withdraws from Chiatura privatization
Russian steel producer Evraz Group announced yesterday that it decided to withdraw from the acquisition of Chiatura Manganese and the Vartsikhe Hydro Power Plant Cascade in Georgia. After detailed due diligence suggested that the acquisition would not be profitable enough, Evraz Group decided not to continue with the privatization venture. As reported by SteelOrbis, the company won the tender held for the privatization of Chiatura Manganese and the Vartsikhe Hydro Power Plant Cascade in January 2005. Evraz had agreed to pay $132 million to the Georgian government for the acquisitions.