PAO Severstal (SVST) PAO Severstal: Severstal has increased its
stake in the JV WRS Towers to 49%, having bought 24.5% from RUSNANO
13-Sep-2021 / 11:00 MSK Dissemination of a Regulatory Announcement
that contains inside information according to REGULATION (EU) No
596/2014 (MAR), transmitted by EQS Group. The issuer is solely
responsible for the content of this announcement.
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Severstal has increased its stake in the JV WRS Towers to 49%,
having bought 24.5% from RUSNANO
September 13 2021, Moscow - Severstal has bought 24.5% from one
of the partners of the joint venture WRS Towers LLC
- JSC RUSNANO. The transaction was closed on September 2021, as
a result of which Severstal's share in the joint venture increased
to 49%. The share of another partner - the Spanish company Windar
Renovables S. L.-remains at the same level of 51%.
The decision of RUSNANO to withdraw from the project for the
production of towers for wind power plants (wind turbines) in
Taganrog was made after the joint venture reached the planned
economic indicators.
WRS Towers, a joint venture between Severstal, Windar Renovables
S. L. and RUSNANO, was established in 2018. Initially, the partners
' shares were distributed as follows: Windar Renovables - 51%,
RUSNANO and Severstal - 24.5% each. Two years later, the WRS Towers
reached their design capacity, which is up to 145 towers per year.
That is how many wind turbine towers were produced in 2020. In
total, since the beginning of its work, the company has produced
more than 340 steel wind turbine towers. During the existence of
the WRS Towers, more than 1 billion rubles were invested in its
development.
Today, WRS Towers is the leading manufacturer of wind power
towers in Russia. "Green" power plants built using the company's
equipment have already been installed in the Kamensky, Azov and
Verkhnedonsky districts of the Rostov region, as well as in the
Murmansk region. VRS Towers also plans to supply products for
export.
Steel billets for the towers of wind power plants are
manufactured at the service metal center in Kolpino (SMC-Kolpino,
the company is part of the Severstal Russian Steel division). The
supply of steel products from Severstal guarantees the raw material
safety of the project and quality control throughout the entire
technological chain.
Alexander Shevelev, CEO of Severstal, commented:
"The increase in the share in the joint venture was a logical
step to strengthen Severstal's presence in the dynamically
developing renewable energy market. Over the three years of its
existence, the joint venture has demonstrated good results,
becoming a partner of the world leaders in the wind power plant
market - Siemens Gamesa and Vestas. The management of VRS Towers is
actively negotiating with potential customers about the supply of
wind power towers; we plan to start shipping the first export
orders in 2022. We see the greatest potential in the CIS countries,
where wind energy is now beginning to take shape, as well as in
Northern Europe.
Our company pays special attention to environmental problems,
and increasing the presence in the equity capital in the WRS Towers
fully meets the ESG strategy of Severstal".
Alisher Kalanov, Head of Investment Division at RUSNANO,
added:
"The cycle of project support from RUSNANO, as a development
institution that forms innovative ecosystems along the entire value
chain, including production and education, has been successfully
completed and as per its mandate RUSNANO exited from the project.
RUSNANO does not plan to stop there and jointly with Windar,
Vestas, and Severstal are discussing the ability to expand the
product range of goods manufactured by WRS Towers LLC - both those
customized for the future Russian government renewable energy
support program and for the potential manufacture of offshore wind
turbine towers - including the ones used to construct wind farms to
provide the 'green' electricity to produce 'green' hydrogen".
"Through the different actions that RUSNANO has developed, this
company has been a key player in the implementation of this project
and also because it allowed Windar Renovables to reinforce its
position in the Russian market. As a result of this operation,
Windar Renovables and RUSNANO have developed a good relation that
we value in a very positively way for all that it has brought for
us", said Justo Acedo, General Manager at Windar Renovables.
For reference:
The steel tower of the wind turbine is a hollow structure
consisting of a set of cylindrical sections of a conical shape, on
which the gondola and the rotor of the wind turbine are installed,
in order to contact the rotary mechanism of the wind turbine with
the wind flow. Steel towers are made of pre-cut steel sheets
according to certain sizes, which are then rolled and welded
together with subsequent finishing, painting and equipping with
internal components. The height of the tower can reach 120 meters,
the diameter is up to 4.5 meters, and the weight is up to 270
tons.
For further information, please contact:
Severstal Investor Relations
Vladimir Zaluzhsky, Nikita Klimantov
T: +7 (495) 926-77-66
vladimir.zaluzhsky@severstal.com
na.klimantov@severstal.com
Severstal Public Relations
Anastasia Mishanina
T: +7 (495) 926-77-66
anastasia.mishanina@severstal.com
***
P?? Severstal is one of the world's leading vertically
integrated steel and steel related mining companies, with assets in
Russia, Latvia and Poland. Severstal is listed on MOEX and the
company's GDRs are traded on the LSE. Severstal reported revenue of
USD6,870 mln and EBITDA of USD2,422 mln in 2020. Severstal's crude
steel production in 2020 reached 11.3 mln tonnes.
www.severstal.com
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ISIN: US8181503025
Category Code: MSCM
TIDM: SVST
LEI Code: 213800OKDPTV6K4ONO53
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 122001
EQS News ID: 1232845
End of Announcement EQS News Service
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