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Evraz Group S.A. intends to establish a vanadium division by the end of 2007
Evraz Group S.A. [LSE: EVR], Russia's largest steel and mining group, intends to establish a vanadium division by the end of 2007, the company's president said Friday. Alexander Frolov said the new division, to be established with the company's own assets, would help the company optimize its vanadium business. Evraz is the sole producer of vanadium-rich ore in Russia and one of the largest producers of vanadium slag globally. Vanadium is widely used in the production of high-strength steels, titanium, and also chemicals and petrochemicals. In 2006 Evraz Group S.A. posted a 51% rise in net profits, to $1.385 billion, from 2005, and its sales grew 27.4% to $8.292 billion. In 2007 the company plans to keep steel output at 2006 levels of 16 million metric tons.
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