Metallurgical holding EVRAZ had recently released its operational results for the first quarter of 2013 and the Interim Management Statement.
In Q1 both consolidated crude steel production and output of steel products (net of re-rolled volumes) increased by 11% due to lower downtime at steelmaking capacities in Q1 2013 compared to Q4 2012. Consolidated production of finished steel goods slightly increased (+2% vs. Q4 2012).
Russian billionaire Roman Abramovich agreed to buy 7.3 % stake in Norilsk Nickel as the two biggest owners of the world’s top supplier of the metal seek to end a four-year feud over control of the company. Abramovich’s Millhouse LLC investment company will acquire the stake in Moscow-based Norilsk as part of a settlement between shareholders United Co. Rusal and billionaire Vladimir Potanin, Hong Kong-listed Rusal said today in a statement. The purchase price wasn’t disclosed.
Bloomberg reports, that Vladimir Potanin, whose Interros Holding Co. owns 28 percent of Norilsk Nickel, will take over as chief executive officer, Rusal said. Rusal, controlled by billionaire Oleg Deripaska, owns 25.1 percent of Norilsk. Potanin and Deripaska have battled publicly and in the courts for control of Norilsk since May 2008.
Russian Duma Is In Talks About Nationalization Of Megafactories Owned By ‘Oligarchs’ Aiming To Boost New Administration Budget
As the European crisis intensifies, troublesome economical and political situation spreads on other countries. Euro crisis moves toward a decisive moment, the European Central Bank is under renewed pressure to stabilize the troubled currency union. While Russian economy, perceived to be defended by a governmental economical regulations and stately owned corporations, is doing better on the international arena than some of the European countries, some signs of disturbance had already started to appear within the government and especially in the media.
The anxiety is explainable: Russian domestic currency "rouble" had significantly weakened, prices tends to go up and political situation in the country is highly unstable as opposition still very active on protest movements demanding to abolish results of the Duma and Presidential elections. These turbulent time became the fertile soil for radical political proposals, some of which had been already launched to the state Duma.
EVRAZ Highveld Steel and Vanadium Limited has been awarded a Level 5 Broad-Based Black Economic Empowerment (B-BBEE) contributor rating by South African National Accreditation System (SANAS) accredited agency BLogic. This follows an intense focus on transformation within the company over the past year. EVRAZ Highveld was previously rated a Level 8 contributor.
Vnesheconombank (VEB) can buy up to 80% of troublemaking Raspadskaya coal mine, from its current owner Evraz Group and holding’s management for enormous $5,3 billion, Russian newspaper Vedomosti has reported citing Interfax sources.
This amount is 36% higher than current Raspadskaya market price on the exchange, while VEB performs as the buyer as there were no other buyers for the asset. Discussions about sale of Raspadskaya mine started after the series of explosions happened in May 2010, when 90 people found dead and mine was flooded.
Evraz Group has released a trading update for 3Q2010 last friday. The update looks rather encouraging. As expected, the company's steel production declined 9% Q-o-Q on the back of the weaker demand in July and August. Output slumped across almost all divisions, while Ukraine, also as expected, suffered most of all, with production falling 27% Q-o-Q.
On a positive note, however, realized prices turned out to be significantly above our expectations. In Russia, the decline in prices was a mere 1% Q-o-Q, while in all other markets average prices actually went up. Obviously, the impact of the market downturn was much smaller than we had anticipated, and the company managed to partly offset the negative effect of falling export prices by increasing the proportion of domestic sales.
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