Official: Evraz plans to keep net debt/EBITDA ratio at 2 in 2017

MOSCOW, Aug 10 (PRIME) -- U.K.-based mining giant Evraz, which operates mainly in Russia, plans to keep the ratio of its net debt to earnings before interest, taxes, depreciation and amortization (EBITDA) at 2 in 2017, Vice President Nikolai Ivanov said during a conference call on Thursday.

“We plan no serious changes of the net debt level at the end of the year. If prices stay where they are, there will be no significant change of the net debt figure. EBITDA exceeded U.S. $2 billion over the last 12 months and if it stays there – which is strongly dependent on the price level and the ruble rate – I think that the net debt to EBITDA will change slightly as opposed to what we showed for the previous six months,” Ivanov said.

President Alexander Frolov said that the steel output plan remains at about 13.5 million tonnes, the level attained in 2016. The capital expenditures forecast was increased to U.S. $600–700 due to the ruble strengthening and new projects of the company.

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