Alexander Frolov, CEO of the Russian
mining and steel producing company
Evraz Group, has stated that the company is now seeking to acquire suitable steel or
iron ore assets in
South Africa, as well as
iron ore projects in eastern Siberia in
Russia.
Mr. Frolov stated, "We are interested in steel and
iron ore assets in
South Africa. We are now considering the possibility of purchasing the
steelmaking division of Scaw Metals Group, a subsidiary of Anglo American plc."
He added that
Evraz Group is endeavoring to enlarge its
mining business amid the soaring prices of metal products and minerals in the international market. It is also considering developing the Timir ore mine in the Yakutia region of eastern Siberia, which has total reserves of 5 billion mt, in collaboration with
Russia's largest
mining company Alrosa.
Mr Frolov also predicted that in the first quarter of 2011
Evraz's net profit margin may reach as high as 89 percent. In 2011, the company plans to expand its capital expenditure by 44 percent year on year to $1.2 billion.