Global steelmaking and mining giant Evraz Group S.A. has announced that it has signed an agreement for the sale of its Russian railcar operating subsidiary EvrazTrans to Russian freight rail operator NefteTransService (NTS) for RUB 9.45 billion (approximately $300 million) in cash on the basis of RUB 150 million (approximately $4.8 million) in working capital, no cash and no debt. Completion is subject to receipt of certain customary corporate approvals and delivery by NTS of relevant authority approvals, and is expected to take place by the end of 2012.
EVRAZ will use the sales proceeds for general corporate purposes, including, but not limited to, the repayment of some of its debt.