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Evraz top brass take some profits from steel rebound- The 18th China(Guangzhou) Int¡¯l Plate metal, Bar, Wire, Metal Processing &Setting Equipment Exhibition
1/6/2017 plate metal expo |
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Evraz chairman Alexander Abramov and chief executive Alexander Frolov have together sold over GBP 10 million worth of stock in the steel and mining company.
Mr Ambramov sold 3.2 million shares at a price of 220.89p apiece to bank more than GBP 7.1 million, while Frolov offloaded 1.6m shares at the same price to pocket GBP 3.6 million.
Company founder and former CEO Abramov still has 21.38% of the company''s shares, while Frolov, Evraz''s former finance director who has held the tiller since 2007, still owns 10.68% of the company''s shares.
Last month, Evraz shares hit their highest level in over three and a half years, as Euro steel prices have been driven higher by more aggressive trade policy, pending consolidation catalysts and the push from raw materials costs.
The last update from the company was its third-quarter production report in October, which showed consolidated crude steel output increased by 6.3% and output of steel products, net of re-rolled volumes, up by 5.6%.
Back in August at the company''s interim results, Frolov said structural overcapacity remained a challenge for the steel industry and that the company would continue to pursue its cost-cutting initiatives and focus on net debt reduction and refinancing.
-- The 18th China(Guangzhou) Int¡¯l Plate
metal, Bar, Wire, Metal Processing &Setting Equipment Exhibition
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