Mechel reports that hot testing of rail rolls production at Chelyabinsk Metallurgical Plant’s universal rolling mill has begun.
As part of hot testing, first rolling of R-65 100-meter rails was successfully conducted. This is the first type of rail rolls that the universal rolling mill is capable of producing. Further mastering production of rail steel products will be held as scheduled.
Mechel announces signing a coking coal supply agreement with China’s Sha Steel Group.
According to the signed agreement, Mechel Carbon (Singapore), trading subsidiary of Mechel OAO’s mining division, will directly supply Shasteel Group with 40,000 to 80,000 tonnes of coking coal a month from Russian Far East ports, starting from June 2013. Coking coal prices will be determined on a monthly basis.
NLMK’s Board of Directors recently held its first meeting since the Annual General Shareholders’ Meeting. Vladimir Lisin was elected Chairman of the Board, and Vladimir Skorokhodov was appointed Deputy Chairman of the Board.
The Board of Directors also approved a schedule for Board meetings, and established Board Committees made up of the following members:
Martin Rapaport speaking to hundreds of jewelers, dealers and manufacturers at the Rapaport Breakfast at the JCK Las Vegas Jewelry Show warned the diamond trade not to buy overpriced rough diamonds. He blamed Indian government credit policy and irresponsible banks for overextending credit to the diamond trade resulting in inflated rough prices.
Rapaport also identified significant opportunities for the diamond trade including sales to millennials, purchases from the public and the development of investment diamond markets.
IMD, a top-ranked global business school based in Switzerland, today announced its 25th anniversary world competitiveness rankings. In addition to ranking 60 economies for 2013, the IMD World Competitiveness Center also looks at the winners and losers since its creation.
Professor Stephane Garelli, director of the IMD World Competitiveness Center, said: "While the euro zone remains stalled, the robust comeback of the US to the top of the competitiveness rankings, and better news from Japan, have revived the austerity debate. Structural reforms are unavoidable, but growth remains a prerequisite for competitiveness. In addition, the harshness of austerity measures too often antagonizes the population. In the end, countries need to preserve social cohesion to deliver prosperity."
NLMK announced the appointment of Konstantin Lagutin to the newly-created position of Vice President for Investment Projects.
The main priorities for the new manager will include general coordination of the company's investment activities and preparation for the gradual roll-out of а corporate project management system, based on the best practices from Russia and the rest of the world.
Yesterday EuroChem reported consolidated revenues for the first three months of 2013 of RUB 46.7bn (US$ 1.5bn), which represented a 30% increase on the RUB 35.8bn obtained in the first three months of 2012. For the first quarter of the year, earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 9% year-on-year to RUB 12.4bn (US$ 406m). Net profit for the period decreased to RUB 4.8bn (US$ 158m) largely from a non-cash loss on translation of the Group’s mainly USD-denominated debt brought on by the depreciation of the Russian rouble against the U.S. dollar.
Certified polished diamond prices were stable in April as trading slowed during the Passover and Easter holidays. The Basel show and New York auctions demonstrated strong demand for select, top-quality diamonds but overall market sentiment remains weak.
High-end large stones above 10 carats, as well as fancy intense pink and blue diamonds, and very finely cut fancy shapes are hot. There is steady Chinese demand for 0.30-0.40 ct., G-H, VS-SI, triple EX diamonds for engagement rings. Chinese demand for commercial quality stones is also improving.
Mechel has signed several loan agreements with Gazprombank OAO totaling 1 billion US dollars.
In the steel division, Beloretsk Metallurgical Plant signed a loan agreement for 1.7 billion rubles (some 54 million US dollars*) and Urals Stampings Plant signed another for 1.6 billion rubles (some 50 million US dollars*). For the steelmaker the credit lines can be used with the possibility of drawing down funds during a three-year period. The maximum period for each tranche is two years with repayment at the end of such period.
Two weeks ago we have reported that Eugeny Korolev, General Director of Togliattiazot has been put in the wanted list by Samara’s regional prosecutors. On April, 19 Investigative Committee of Russian Federation, which monitors economic crime in the country issued a statement that Korolev was charged with a crime — fraud in a large scale. This is the first crime charge which were launched against Togliattiazot management within the series of lawsuits initiated by its minority shareholder Uralchem.
In 2008 Uralchem became minority shareholder of Togliattiazot and today holds 9,74% of its share capital. From the very beginning, Uralchem was faced with inadequate standards of business ethics corporate governance at Togliattiazot. Since 2009 Togliattiazot was fined 14 times by the Federal Service for Financial Markets for violating joint-stock companies law. Total amount of administrative fines paid out by Togliattiazot was 7,9 mln rubbles ($0,26 mln) and still counting.
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