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Abramovich splashes 2 BLN on Ukraine steel

Roman Abramovich’s Evraz has announced it’s spending $US 2 billion on a steel mill, three coke plants and an iron ore deposit in Ukraine. The deal brings the steel giant closer to its core Russian and European clients and boosts its iron ore reserves.

Evraz said it will finance the purchase using a combination of cash and new equity.

“Evraz is going to get some downstream diversifications changes by processing its coking coal which is produced by Ukrainian coal mines. Therefore Evraz goes into more value-added products in terms of coke production,” said Vladimir Zhukov, senior analyst at Lehman Brothers.