Evraz to proceed with coal demerger

Russia-focused miner and steelmaker Evraz on Wednesday said it was going ahead with plans to spin off its coal assets consolidated under PJSC Raspadskaya.

The London-based firm said the move will create two distinct publicly-listed businesses. Evraz will continue to focus on steel, iron-ore and vanadium, while RASP would be a producer of metallurgical coal.

Evraz said the demerger will be carried out through a distribution of the shares it directly holds in RASP to Evraz shareholders. Evraz owns 90.9% of RASP, which is listed on the Moscow Exchange.