28 Feb 2019 13:23

Evraz net debt/EBITDA ratio not to exceed 2x in the medium term, 2019 CAPEX to total $800 - CFO

MOSCOW. Feb 28 (Interfax) - Evraz is forecasting CAPEX at a level of $800 million in 2019, CFO Nikolai Ivanov told reporters on a conference call.

"As for guidance for the next 2-3 years, then, as I said during Investor Day, CAPEX will be in the range of $800 million - $900 million per year," Ivanov said.

In 2018, the company's CAPEX totaled $527 million.

Evraz net debt/EBITDA ratio will remain below 2x in the medium term, but this will in large part depend on EBITDA indicators, the CFO said.

"We confirm that in the medium term aspect, the net debt/EBITDA ratio will not exceed 2x," Ivanov said.

As of the end of 2018, this indicator totaled 0.9x.

Evraz is a major vertically integrated mining and metals company with operations in Russia, Kazakhstan, Canada, the United States, Italy, the Czech Republic, South Africa and Ukraine. The company's largest shareholder is billionaire Roman Abramovich, who controls 30.52% of shares through Lanebrook; Alexander Abramov and Alexander Frolov control 20.69% and 10.33%, respectively.