The Russian steel producer part-owned by billionaire Roman Abramovich -is seeking iron ore and steel assets in South Africa, as well as projects in East Siberia.
Making this announcement in an interview here, Evras CEO Alexander Frolov said: “We’re interested in acquiring iron ore deposits and steel distributors in South Africa.” He confirmed that the company had looked at Anglo American plc’s Scaw Metals Group steel unit, but did not elaborate any further.
The company, seeking to expand in mining as prices of metal and minerals soar, is also studying iron ore opportunities in Russia, according to Frolov. “First-quarter profit may jump as much as 89% from a year earlier as demand rises,” he revealed. Russia’s largest steelmaker after OAO Severstal plans to increase capital spending by 44% this year to US$1.2 billion, he added.
“We are looking at many green-field projects but the problem is that most of them are not very easy to develop and rather expensive,” Frolov said, declining to identify them.
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