NLMK Group (LSE: NLMK) continues to optimize its energy sector management. This process is part of developing an efficient and transparent functional/divisional management system covering all production sites in Russia and abroad; and a comprehensive program aimed at boosting business process efficiency.
At this new stage in developing the Energy Function, Alexander Starchenko, previously Director for Energy, was appointed to the newly created position of NLMK Group Vice President for Energy.
The July 2013 launch of NLMK Group’s next-generation steelmaking plant project, NLMK Kaluga, was recognized as the Event of the Year 2013 in Russian steelmaking. The decision was taken by a panel of experts as part of the international Metal Expo 2013 exhibition, taking place in Moscow on 12-15 November. The award was accepted by the CEO of the plant, Sergey Shalyaev, at the opening ceremony.
Russian steelmaker NLMK and pipemaking company OMK signed a new Agreement on long-term cooperation renewing the contract for the supply of slabs until and inclusive of 2016. These slabs will be rolled into plates at the new Vyksa Steel Works (VMZ) Mill-5000 (MKS-5000) to be further used for the production of large-diameter pipes.
The Agreement was signed by NLMK Group President Oleg Bagrin and OMK Group President Vladimir Markin, on 7 November at the Vyksa Steel Works as part of a ceremony to mark the supply of the half-millionth tonne of slabs from NLMK to VMZ. The companies signed the initial contract in 2012.
On 30 September 2013 NLMK (LSE: NLMK) reported that Belgian state-owned company SOGEPA (Société Wallonne de Gestion et de Participations S.A.) had acquired a 20.5% interest in NLMK Belgium Holdings S.A. (NBH) for EUR 91.1m. NBH comprises the production and trading companies of NLMK Europe, other than NLMK Dansteel.
Following a review of the accounting treatment of the transaction, NLMK confirms that in light of the corporate governance rights afforded to SOGEPA the NLMK Group’s investment in NBH will be accounted for in the consolidated financial statements prepared in accordance with US GAAP under the equity method starting from 30 September 2013.
Yuriy Bokachev has been appointed Managing Director of NLMK DanSteel A/S, a Danish plate producer and part of NLMK Europe Plate Products. In this capacity, Yuriy Bokachev will be responsible for NLMK DanSteel’s operating activities, operational health and safety, and environmental issues.
This position was previously held by Yury Tarasov, who has been appointed Commercial Director of NLMK Europe Plate Products, and will be responsible for managing the sales of the Division’s entire product range, excluding Q&T brands produced at NLMK Clabecq (new products, abrasion resistant [Quard] and high strength [Quend] steels).
On 23 July 2013 Novolipetsk Metallurgical Combine (NLMK) held a grand opening ceremony for NLMK Kaluga, its next-generation EAF mill, in Kaluga Region, near Moscow.
In attendance were Prime Minister of the Russian Federation Dmitry Medvedev; Governor of Kaluga Region Anatoly Artamonov; NLMK Chairman of the Board of Directors Vladimir Lisin; NLMK management and partners; and members of staff.
NLMK informs that S&P has downgraded NLMK’s long-term credit rating from ВВВ- (negative outlook) to BB+ (stable outlook). The agency based its decision, among other factors, on the weakening prospects for global steelmaking and a conservative assessment of the country risk for Russia.
At the same time, S&P also acknowledged NLMK’s sustainable business model and financial stability on a stand-alone basis, stating that the underlying business profile is in line with its criteria for an investment rating. S&P is also complimentary of NLMK’s conservative financial policy.
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:
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.
VIZ-Steel has commenced the installation of a steam reforming facility that will replace the more expensive electrolysis method used during the process of electrical steel production. Once the facility is launched, natural gas consumption for producing hydrogen by means of reforming will be reduced 37 times compared to the current method, bringing VIZ-Steel energy consumption down by 86 million kWh/y.
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