Evraz considers offers for Nakhodka Sea Port in effort to reduce debts

In an attempt to reduce its mounting debts, the Russian steel and mining conglomerate EVRAZ has put its facilities at the Far Eastern Nakhodka Trade Sea Port up for sale, it was reported yesterday, and has already received offers from around a dozen Russian, Kazakh and Chinese companies. The company has valued the port at $260m.
Founded in 1947 in Nakhodka Bay some 200km south-east of Vladivostok, the port is on one of the easternmost spurs of  the Trans Siberian railway and as such is a key staging post for the movement of goods between Asia and Europe. It has the capacity to unload up to 500 rail wagons a day; each of its 16 berths can accommodate vessels of up to 230m in length and 32m in width; and it comes with 300,000m² of warehousing premises. Last year, the port handled 9.2m tons of cargo.
An integrated steel, mining and vanadium business with operations in the Russian Federation, Ukraine, USA, Canada, Czech Republic, Italy, Kazakhstan and South Africa,  the LSE-listed EVRAZ is among the top steel producers in the world, but has been hit by the collapse in the price of steel, largely caused by Chinese over-production. Earlier this year it announced that it was planning to reduce its debt by as much as $1.5bn, but at the time  ruled out the possibility of selling off any of its assets. 

 
Source: Kommersant