Evraz announced today that it has cancelled its proposed demerger of PJSC Raspadskaya from the company after sanctions against Russia rendered the decision “technically impossible.”
The proposal was intended to demerger Evraz’s metallurgical coal assets consolidated under PJSC Raspadskaya, and was announced back on 15 December 2021.
The agreement was subject to approval from Evraz’s board of directors, who reportedly voted in favour of the proposal on 11 January 2022 after considering the risks and uncertain variables attached to the process.
The company announced that Evraz shareholders will consequently not receive shares from PJSC Raspadskaya and the group will remain with Evraz for the current period.
Evraz also said that the company’s shares will continue to represent an interest in PJSC Raspadskaya, subject to the restoration of Evraz’s shares listing.