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Evraz shares climb 7% in London after Fitch rating upgrade

June 11, 13:29 UTC+3 MOSCOW

The rating agency said earlier that the upgrade reflects Evraz's successful reduction of its net debt to $4 billion

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© Donat Sorokin/TASS

MOSCOW, June 11. /TASS/. Shares of Russia’s steel manufacturer Evraz went up by 7.05% in London trading on Monday to $535.8 after Fitch Ratings upgraded the company’s ratings to 'BB' from 'BB-'.

The rating agency said earlier on Monday that the upgrade reflects Evraz's successful reduction of its net debt to $4 billion. The outlook is stable.

Evraz is one of the biggest vertically integrated steel and mining companies with assets in the Russian Federation, the United States, Canada, the Czech Republic, Italy and Kazakhstan. In 2017, its output equaled 14 mln tonnes of steel.

The main beneficiaries are Roman Abramovich (30.5%), Alexander Abramov (20.9%), Alexander Frolov (10.45%), Gennady Kozovoy (5.8%), Alexander Vagin (5.7%), and Eugene Shvidler (3.03%).

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