Evraz PLC (LON:EVR) said its board has approved a move by the company to consider demerging its coal assets in order to focus on its steel business.
On Tuesday, the FTSE 100 mining firm said it has engaged JP Morgan and Citigroup to assist with the ongoing review of the possible demerger.
The firm’s coal business is currently consolidated under PAO Raspadskaya and is comprised of eight underground mines, two open-pit operations and three processing facilities, all located in central Russia.
In the six months to June 30, 2020, the business comprised US$218mln, or 20%, of the company’s total earnings (EBITDA) for the period of US$1.07bn.
Evraz shares rose 1.3% to 520.6p in late-afternoon trading.