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Evraz declares interim dividend; Moody's upgrades Evraz Group's rating

Evraz PLC declared on May 24 an interim dividend of US$187.6 million, or 13 U.S. cents per share, following the approval of its board.

The record date of the dividend is June 8, with the payment on June 22.

In the first quarter, the steelmaker's crude steel production was down to 3.4 million tonnes, from 3.7 million tonnes in the year-ago period, due to severe weather and limited iron ore supplies.

Meanwhile, Moody's upgraded subsidiary Evraz Group SA's corporate family rating to Ba2 from Ba3, its probability of default rating to Ba2-PD from Ba3-PD and the ratings assigned to its senior unsecured notes to Ba3 from B1. The outlook is stable.

The rating agency said the ratings upgrade reflects its expectation that Evraz Group is able to sustain its reduced leverage, continue to balance debt reductions with dividend payouts, and maintain healthy liquidity and positive post-dividend free cash flow.