Tue, Feb. 14, 2012
(Bloomberg) -- Moody's Investors Service cut the debt ratings of six European countries including Italy, Spain, Portugal, Slovakia, Slovenia and Malta, and said it may strip France and the U.K. of their top Aaa ratings, citing Europe's debt crisis. Caroline Hyde and Mark Barton report on Bloomberg Television's "First Look." (source: Bloomberg)
Showing posts with label U.K.. Show all posts
Showing posts with label U.K.. Show all posts
Tuesday, February 14, 2012
Monday, October 17, 2011
Dannemora and Stemcor ink long term iron ore supply contract
Monday, 17 Oct 2011
Dannemora Mineral has signed a 5 year off take agreement with Stemcor UK Ltd for the annual supply of up to 40% of production or approx. 600,000 tonnes of iron ore.
Deliveries will commence in 2013.
Mr Staffan Bennerdt CEO & president of Dannemora Mineral said “The agreement is a confirmation that our products are attractive in the market and means that we have now signed contracts for 80% of our production at full operation and secured our sales for 2012 and 2013.”
Dannemora Mineral has signed a 5 year off take agreement with Stemcor UK Ltd for the annual supply of up to 40% of production or approx. 600,000 tonnes of iron ore.
Deliveries will commence in 2013.
Mr Staffan Bennerdt CEO & president of Dannemora Mineral said “The agreement is a confirmation that our products are attractive in the market and means that we have now signed contracts for 80% of our production at full operation and secured our sales for 2012 and 2013.”
Russia's Evraz seeks UK listing, share exchange
Mon Oct 17, 2011
* Steel company seeking entry to FTSE 100
* Seeks more liquidity, broader shareholder base
* Shares rise 8 pct in early trading
By Megan Davies
MOSCOW, Oct 17 (Reuters) - Russian steelmaker Evraz , part-owned by billionaire Roman Abramovich, said on Monday it would move its domicile to Britain, where it is seeking a premium listing on the London Stock Exchange and inclusion in the FTSE 100 Index.
The move would give it a broader shareholder base, better long-term access to capital and improved liquidity, Evraz said in a presentation to investors.
The company, with a market capitalization of more than $8 billion, is the third Russian company after miners Polyus Gold and Polymetal to announce plans for a London premium listing and FTSE 100 inclusion in recent weeks. .
Resources and metals stocks already dominate the London blue-chip index, accounting for approaching one third of the FTSE by market cap.
Evraz plans a share exchange offer to complete the move, where London-listed Evraz Plc will buy up to 100 percent of the share capital of Evraz Group S.A.
Evraz is currently a Luxembourg-domiciled company and its shares are traded in London in the form of global depositary receipts.
The company's shares rose 8.4 percent on the London Stock Exchange on Monday, adding to a rise of 19 percent for the month so far, after it announced a special dividend last week.
Still, shares are trading at about half the level they were at the beginning of the year.
Under the swap, shareholders will receive nine new shares in Evraz for each existing share they now own.
Evraz said it expected to be included in the FTSE 100 Index and would be the only steel stock in the UK share market.
Rival Tata Steel is listed in Mumbai and ArcelorMittal is listed in Luxembourg.
"We now have a free float of about 25 percent, which is enough for a premium listing," Finance Director Giacomo Baizini told reporters. "Under the deal, the company has no plans to place new shares, especially in current market conditions."
Evraz said that, following the move, it would seek to maintain a long-term average dividend payout ratio of at least 25 percent of its consolidated net profit.
Biggest shareholder Lanebrook, which currently owns 72.25 percent of the company, has agreed to accept the offer, the company said.
Evraz said it planned a management roadshow for the next two weeks and that final acceptances of the offer were due by Nov. 4. It expects to start trading on the London Stock Exchange on Nov. 7 and to be included in the FTSE at the index's next reshuffle on Dec. 19.
Morgan Stanley and Credit Suisse are acting as joint sponsors to Evraz, the company said.
Evraz also announced on Monday its crude steel output rose by 4 percent year-on-year in the third quarter of this year.
(sourced Reuters)
* Steel company seeking entry to FTSE 100
* Seeks more liquidity, broader shareholder base
* Shares rise 8 pct in early trading
By Megan Davies
MOSCOW, Oct 17 (Reuters) - Russian steelmaker Evraz , part-owned by billionaire Roman Abramovich, said on Monday it would move its domicile to Britain, where it is seeking a premium listing on the London Stock Exchange and inclusion in the FTSE 100 Index.
The move would give it a broader shareholder base, better long-term access to capital and improved liquidity, Evraz said in a presentation to investors.
The company, with a market capitalization of more than $8 billion, is the third Russian company after miners Polyus Gold and Polymetal to announce plans for a London premium listing and FTSE 100 inclusion in recent weeks. .
Resources and metals stocks already dominate the London blue-chip index, accounting for approaching one third of the FTSE by market cap.
Evraz plans a share exchange offer to complete the move, where London-listed Evraz Plc will buy up to 100 percent of the share capital of Evraz Group S.A.
Evraz is currently a Luxembourg-domiciled company and its shares are traded in London in the form of global depositary receipts.
The company's shares rose 8.4 percent on the London Stock Exchange on Monday, adding to a rise of 19 percent for the month so far, after it announced a special dividend last week.
Still, shares are trading at about half the level they were at the beginning of the year.
Under the swap, shareholders will receive nine new shares in Evraz for each existing share they now own.
Evraz said it expected to be included in the FTSE 100 Index and would be the only steel stock in the UK share market.
Rival Tata Steel is listed in Mumbai and ArcelorMittal is listed in Luxembourg.
"We now have a free float of about 25 percent, which is enough for a premium listing," Finance Director Giacomo Baizini told reporters. "Under the deal, the company has no plans to place new shares, especially in current market conditions."
Evraz said that, following the move, it would seek to maintain a long-term average dividend payout ratio of at least 25 percent of its consolidated net profit.
Biggest shareholder Lanebrook, which currently owns 72.25 percent of the company, has agreed to accept the offer, the company said.
Evraz said it planned a management roadshow for the next two weeks and that final acceptances of the offer were due by Nov. 4. It expects to start trading on the London Stock Exchange on Nov. 7 and to be included in the FTSE at the index's next reshuffle on Dec. 19.
Morgan Stanley and Credit Suisse are acting as joint sponsors to Evraz, the company said.
Evraz also announced on Monday its crude steel output rose by 4 percent year-on-year in the third quarter of this year.
(sourced Reuters)
Thursday, March 10, 2011
Angang Construction Wins 710M Yuan Russian Contract
Thur,Mar10,2011
Angang Construction Consortium won a 710 million yuan contract from Russia's largest special steel factory, Chelyabinsk Iron and Steel Works, reports 163.com, citing a consortium filing.
The contract is to upgrade a 100-meter heavy rail production line, which requires 130,000 cubic meters of concrete, 16,000 tons of steel and 14,000 tons of banded steel. The upgrading will take eight months.
Angang Construction is the second largest state-owned steel supplier in China.
It established a joint venture with Stanko Group of the U.K. earlier and acquired USS Steel Processing Center through the joint venture.
Angang Construction won 950 million yuan worth of overseas contracts in 2010.
Shares of Angang Steel fell 1.23 percent to close at 8.06 yuan today.
(By Capitalvue)
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