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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  EVRAZ Plc    EVR   GB00B71N6K86

EVRAZ PLC

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EVRAZ : Feds contribute $40 million to steel production upgrades

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03/16/2019 | 04:53am EDT

The federal government announced it will chip in $40 million for upgrades to EVRAZ North America Inc.s steel production facilities in Western Canada.

The project cost totals $112.6-million and is expected to create 35 new jobs as well as maintain more than 2,100 others in Regina and Red Deer, Alta.

According to government officials, the upgrades will help increase the companys competitiveness in serving the oil country tubular goods (OCTG) market while decreasing emissions and the overall carbon footprint of Canadian steel.

The company will be able to make value added OCTG products to meet domestic demand at a competitive price, the release noted. Officials stated this is important for firms like EVRAZ as they are facing shortages because of U.S. tariffs.

Canadian steel producers and workers form the economic backbone of communities across our country, said Minister of Innovation Navdeep Bains in a press release. In the face of unfair and unjust U.S. tariffs, our government is keeping its promise to support Canadas steel producers and their thousands of workers. This investment will support 2,100 jobs at EVRAZ and help it upgrade its facilities to become more competitive and expand its market reach.

EVRAZ North America is the biggest steel producer in Western Canada. It constructs steel plate and coil, small- and large-diameter pipe, and oil and gas well tubing.

The steel industry in Canada employed more than 23,000 people and generated $4.2 billion to Canadas gross domestic product.

The funding is being distributed through the Strategic Innovation Fund, a program designed to attract and support high-quality business investments across all sectors of the economy.

(c) 2019 The Sun Publishing Limited. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2019 11 246 M
EBIT 2019 2 338 M
Net income 2019 1 813 M
Debt 2019 2 932 M
Yield 2019 8,97%
P/E ratio 2019 7,01
P/E ratio 2020 8,10
EV / Sales 2019 1,28x
EV / Sales 2020 1,33x
Capitalization 11 502 M
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Mean consensus HOLD
Number of Analysts 10
Average target price 7,16 $
Spread / Average Target -10%
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Managers
NameTitle
Alexander Vladimirovich Frolov Chief Executive Officer & Executive Director
Alexander Grigorevich Abramov Non-Executive Chairman
Nikolay Ivanov Chief Financial Officer
Artem Natrusov Vice President-Information Technology
Michael Charles Gerrard Peat Senior Independent Non-Executive Director
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