East Metals AG

East Metals AG, now registered as East Metals AG In Liquidation, is undergoing an orderly voluntary liquidation process. Commercial operations ceased in April 2023, with remaining activity limited to matters related to the liquidation of the company.

status

FAQ

Key Facts

A concise overview of East Metals AG’s current company status.

Founded

2002

Commercial Operations

Ceased in April 2023

Current Status

Voluntary liquidation

Current Status

East Metals AG is now registered as East Metals AG In Liquidation. Commercial operations ceased in April 2023, with remaining activity limited to matters related to the liquidation of the company.

East Metals AG has been proud to serve its clients for 21 years. Following Russia’s invasion of Ukraine in 2022, the company and its management recognised the need to commence with the gradual wind down of all business activities as a consequence of evolving geopolitical events in Europe.

The need for this course of action became especially pronounced following the decision of the UK government to designate its former grandparent EVRAZ plc on 5 May 2022. This had a significant impact on the ability of the company to conduct business, as well as the implementation of sectoral sanctions over time, affecting the vast majority of the company’s business activities.

In April 2023, all commercial operations had ceased, with all subsequent remaining activity limited to matters directly related to preparing for the liquidation of the company. Since the end of October 2023, the company has been engaged with the voluntary liquidation process, reflecting the company and its management’s recognition of the need to conduct an orderly, responsible and considered exit from the market.

Despite challenging circumstances, East Metals AG and its management have been able to successfully navigate to a place where the company is able to conduct this process in a controlled way, preserving value where possible while settling all outstanding obligations.

In February 2024, East Metals AG’s then sole shareholder Evraz Group S.A., headquartered in Luxembourg, decided to sell the company to Smart Money Claims Recovery Services LLC. The company’s new shareholder is headquartered in Dubai, part of the Cresco Holding Group and specialised in debt collection and recovery, including the liquidation of assets.

Former Business Activities

Founded in 2002, East Metals AG was previously the sole distributor of the EVRAZ Group across Europe, Asia-Pacific, Africa and the Americas, supplying semi-finished steel products, long finished products, pig iron, coking coal, vanadium products and iron ore pellets.

History

East Metals AG was established in 2002 and served for many years as the international distribution channel of the EVRAZ Group outside the CIS region.

2002

Company Founded

East Metals AG was founded and became the international trading arm and sole distributor of the EVRAZ Group outside the CIS region.

2002

2005

EVRAZ plc Listed in London

The company’s grandparent EVRAZ plc, headquartered in London, was listed on the London Stock Exchange and later formed part of the FTSE 100.

2005

2022

Wind-Down Initiated

Following Russia’s invasion of Ukraine, East Metals AG and its management recognised the need to begin the gradual wind down of business activities.

2022

April 2023

Commercial Operations Ceased

All commercial operations ceased, with remaining activity limited to matters directly related to preparing for the liquidation of the company.

April 2023

October 2023

Voluntary Liquidation Process

The company entered the voluntary liquidation process to enable an orderly, responsible and compliant exit from the market.

October 2023

February 2024

Shareholding Changed

East Metals AG’s then sole shareholder Evraz Group S.A. sold the company to Smart Money Claims Recovery Services LLC, headquartered in Dubai and part of the Cresco Holding Group.

February 2024

Frequently Asked Questions

The following answers provide further information about East Metals AG’s current status, background, ownership, liquidation process and sanctions position.

Company Background and Status

When was East Metals AG founded?

East Metals AG was founded in 2002.

In which markets did East Metals AG operate?

Prior to ceasing business activities East Metals AG was previously the sole distributor of the EVRAZ Group across Europe, Asia-Pacific, Africa and the Americas, supplying semi-finished steel products (slab and square billet), long finished products (rail, beam, wire rod and rebar), pig iron, coking coal, vanadium products and iron ore pellets.

Is East Metals AG still selling products?

No, East Metals AG commenced with the wind down of all business activities in 2022 and ceased all remaining business operations in April 2023.

Why has the company initiated voluntary liquidation proceedings?

Following the Russian invasion of Ukraine, East Metals AG and its management continually assessed the company’s position as geopolitical events unfolded. Even though the competent Swiss Authorities SECO confirmed that the company is neither directly sanctioned nor indirectly considered to be owned or controlled by a sanctioned person, the combination of the designation of its former grandparent EVRAZ plc combined with the implementation of extensive sectorial sanctions over time severely limited the company’s ability to conduct any business.

This led to the decision that there was no option other than ending all distribution and trading activities and the company commenced with gradually winding down all commercial operations. By April 2023, all commercial operations had ceased, with remaining activity limited to matters directly related to preparing for the liquidation of the company. By the end of October 2023, the voluntary liquidation process was initiated, such process enabling the company to be closed in an orderly way, preserving value where possible while meeting all remaining obligations.

When is the voluntary liquidation process expected to conclude?

The liquidation process has taken longer than initially expected, reflecting the time required to complete the wind down of the company in a careful and orderly manner. This process includes the time required to complete asset realisation, assess and process creditor claims, and ensure full compliance with all legal and regulatory requirements. The company and its appointed advisers are focused on ensuring the process is completed properly and in an orderly manner.

Who has been appointed as liquidators?

Mr. Martin Fasser Heeg was appointed chairman of the board of directors and liquidator of East Metals AG in Liquidation with individual signing authority in January 2025. Following the departure of the other remaining board member, he continued as the sole member of the board of directors and liquidator with individual signing authority from November 2025.

He is a Swiss certified public accountant and certified fiduciary. He is also a co-owner of Heeg Treuhand GmbH and is associated with Dr. Nabholz Treuhand AG, a long-established Zurich fiduciary-services firm. His professional background includes accounting, fiduciary services, corporate administration and board mandates, including mandates involving companies in liquidation.

Ownership

Who owns East Metals AG?

East Metals is wholly owned by Smart Money Claims Recovery Services LLC, which is headquartered in Dubai and part of the Cresco Holding Group.

What is the company’s connection to EVRAZ?

Since February 2024 East Metals AG has no connection to the EVRAZ Group. East Metals AG used to be the sole international distribution channel of the EVRAZ Group outside the CIS region, supplying products such as semi-finished steel products (slab and square billet), long finished products (rail, beam, wire rod and rebar), pig iron, coking coal, vanadium products and iron ore pellets.

Does EVRAZ maintain any equity stake in East Metals AG?

No. Evraz Group S.A. in Luxembourg was previously the sole shareholder of East Metals AG, which was fully divested in February 2024. Since then, EVRAZ Group has not held any shares or ownership interest in the company.

Sanctions and Compliance

Has East Metals AG ever been under sanctions?

The company has never been designated under any sanctions regime and has not been subject to sanctions measures in any jurisdiction.

Is East Metals AG under sanctions today?

The company is not subject to sanctions in any jurisdiction and continues to comply with all applicable laws and regulations.

Roman Abramovich

What is Roman Abramovich’s role in the company?

Roman Abramovich has not had any role in the company and was not involved in its management, governance, or operations. He happened to be one of the largest shareholders of EVRAZ plc, which was East Metals AG’s former grandparent. The EVRAZ Group’s interest in East Metals AG was fully divested in February 2024.

Does Roman Abramovich own any equity in East Metals AG?

No. Roman Abramovich does not, and has never, held any shares in East Metals AG. He previously held an indirect interest through his ownership of approximately 29% of the shares of EVRAZ plc, of which East Metals AG was historically a part. The EVRAZ Group’s entire stake in the company was fully sold in February 2024, and neither EVRAZ plc nor any of its affiliates retain any ownership interest in the company.

Contact

For further enquiries, please contact East Metals AG in Liquidation by email: contact@eastmetals.com