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Russian steelmaker Evraz plans to remain listed on LSE

Russia's Evraz says auditor EY terminates services
Russia's Evraz says auditor EY terminates services Copyright Thomson Reuters 2022
Copyright Thomson Reuters 2022
By Reuters
Published on Updated
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MOSCOW - Russian steelmaker Evraz plc said on Friday it had no plans to delist from the London Stock Exchange despite heightened geopolitical risks following Russia's invasion of Ukraine.

"We have no plans to delist from the London Stock Exchange at the moment. We are not considering this option," Nikolay Ivanov, the company's chief financial officer, told reporters.

The company is still considering a secondary listing on the Moscow Exchange and does not rule out that it could take place in 2022, he added.

Evraz and other Russian steelmakers, including Severstal and NLMK, have escaped Western sanctions which mainly hit the Russian financial and banking sectors.

But the company, in which Chelsea soccer club owner Roman Abramovich has a large stake, has acknowledged the situation over Ukraine created additional uncertainties for the business.

"We are conscious of the current geopolitical circumstances. We continue to monitor the situation and will keep you updated regarding any material developments that can influence our business," Evraz Chief Executive Alexey Ivanov said in a statement accompanying the company's 2021 earnings report.

Evraz said in the annual report it had performed a stress test to check resilience to potential uncertainties, in particular over the worsening Ukrainian conflict and a heightened risk of economic sanctions.

Ivanov said Evraz was "strong enough to withstand any market fluctuations".

The company said earlier on Friday its 2021 earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 127% year on year to $5 billion, its highest level since 2008.

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