PJSC "EURAZ" is set to get listed in Lower Tagil
New PJSC Evraz to Consolidate Russian Assets in Nizhny Tagil
A significant development is underway in the Sverdlovsk region of Russia, as the newly registered company PJSC Evraz prepares to consolidate its operations. The company, which will be headquartered in Nizhny Tagil, is set to bring together around 60 legal entities, retaining their names and continuing their activities as subsidiaries [1][2].
Two of the subsidiaries that will form the core of the consolidated assets are the Nizhny Tagil Metallurgical Plant (also known as Nizhny Tagil Iron and Steel Works) and the West Siberian Metallurgical Plant, which includes Evrazruda, a mining asset.
The registration of PJSC Evraz in the Sverdlovsk region is expected to strengthen the economic potential of the region for years to come, and the company has expressed its commitment to participating in the development of the region by supporting educational, cultural, healthcare, sports, and territorial improvement initiatives [3].
Denis Novozhenov, the vice-president and head of the Ural division of EVRAZ, announced that Nizhny Tagil, the second-largest city out of 47 in the Sverdlovsk region, will be a key focus for the company's development [4]. Before going to the Moscow Exchange, PAO "EVRAZ" intends to tidy up its structure to present a clear picture to investors.
However, the exact number of legal entities that will be part of the new PAO "EVRAZ" has not been confirmed yet. The current state of the company's decision-making process suggests that only half of the entities mentioned (two subsidiaries) might be included in the new PAO "EVRAZ". It is also unlikely that any entities from the Western block will be included in the new PAO "EVRAZ" package due to current conditions.
The billionaire co-owner of PAO "EVRAZ", Roman Abramovich, is expected to play a significant role in the company's future. As for the taxes, the company has committed to paying them to the regional budget.
In addition to the consolidation of its operations, PJSC Evraz has also shared three key components that cities should have to retain and attract young people to start families. However, the specifics of these components were not detailed in the report.
This development marks a significant step forward for the Russian steel and mining industry, and the impact on the Sverdlovsk region and its economy is expected to be substantial.
[1] [Source 1] [2] [Source 2] [3] [Source 3] [4] [Source 4]
- The consolidation of PJSC Evraz's operations, which includes subsidiaries like the Nizhny Tagil Metallurgical Plant and the West Siberian Metallurgical Plant, promises to significantly influence the finance and business sectors of the Russian steel and mining industry.
- Denis Novozhenov, the vice-president and head of the Ural division of EVRAZ, has emphasized that the company, while committed to supporting various regional initiatives, will also be focusing on the development of key business areas such as manufacturing and industry in Nizhny Tagil, the second-largest city in the Sverdlovsk region.
