EVRAZ Suspends Operations at EVRAZ Palini e Bertoli Mill in Italy
EVRAZ plc announced that due to unfavorable market conditions it has been decided to temporarily suspend operations at the EVRAZ Palini e Bertoli plate mill in Italy starting from 20 August 2013. EVRAZ is expecting the operation to remain idle until at least the end of October 2013. The company will closely monitor the developments in the European plate market and any further decisions on reopening will be subject to prevailing market conditions.
EVRAZ Palini e Bertoli remains committed to duly perform under all existing arrangements and will execute all shipments under the current order book. After the suspension of EVRAZ Palini e Bertoli customer orders will be channeled to other facilities of EVRAZ to the extent possible. The Company doesn’t expect any adverse effects on the performance of the Russian operations, which previously supplied slabs to EVRAZ Palini e Bertoli, as these volumes can be offered to the market at similar terms.
EVRAZ is undertaking all necessary steps to minimize the costs of the temporary shutdown and maximize the release of the working capital associated with the Italian mill.