Russia’s Evraz sells Vítkovice steel works for 5.7 billion crowns

Russia’s Evraz sells Vítkovice steel works for 5.7 billion crowns

The Russian Evraz group has sold its Czech plant Vítkovice Steel. Its new owners, a group of investors including Martinley Holdings, Nabara Holdings, Vitect Services, Hayston Investments and Dawnaly Investments, paid 278 million US dollars, or over 5.7 billion Czech crowns, for the plant, a spokesman for Vítkovice Steel said, adding that the investors are planning to expand the company’s position as an independent player on the market with rolled products. With 1,100 employees, Vítkovice Steel is the Czech Republic’s third largest metalworking firm. It was acquired by the Evraz group in 2005 for 285 million dollars.