Delong up 7.4% as shareholder Evraz says steelmaker 'undervalued'

SINGAPORE (Jan 23): Delong Holdings, the Singapore-traded steelmaker with assets in China, jumped 26 cents to $3.76 with 182,000 shares traded.

The stock has risen 44% since Evraz Plc, a Russia steelmaker that owns a 15% stake in Delong, said in a Dec 2017 interview with Bloomberg that the company was undervalued because large investors have long ignored the stock.

Fair value could be US$4 billion to US$5 billion, compared with its current market value of about $200 million, said Aleksey Eberents, director for corporate strategy for Evraz in an emailed interview.

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