The race is officially on, and Obama had been recently formally awarded the nomination to a second term in a post-midnight roll call on the Democratic National Convention, happened last Wednesday. It is just two months from the Election Day in the tight race with Republican challenger Mitt Romney. A lot has happened during the pre-elections campaign, but something particular had spotted into eyes of international audience.
We are talking about small international scandal Obama’s campaign had produced, which can be interpreted in the future with not very bright prospects for some of US businesmen. In July, US magazine Vanity Fair revealed that Romney had a Swiss bank account worth $3 million (SFr2.9 million), according to his 2010 tax return. President Obama's election camp,while fighting for the ballot, attacked Mitt Romney's Swiss bank accounts with a political parody “Miss Swiss Bank Account”.
Translation by Olga Loginova, original article appeared on Vedomosti.ru
PBS Coals, Inc., the American affiliate of Severstal, idles a portion of its deep and surface mines. According to the press-release, approximately 225 employees (28% of the work force) have been laid off as a result of these changes.
The reaction of the investors to the news was immediate: at London Sock Exchange yesterday Severstal dropped by 7,53% and reached $10,8 billion with FT Russia index lowering by 4.63 %.
Severstal company has recently announced that it is entering into a definitive agreement with Renco Group on sale of its US steel mills – Warren, Wheeling, and Sparrows Point – with a total crude steel capacity of 3.8mn tpa, for USD 542mn.
The total consideration is structured into USD 125mn cash, a USD 100mn promissory note maturing in 2016 and USD 317mn in debt. Renco Group also agreed to assume employee-related and environmental liabilities of USD 650mn, but we believe that some 90% of these liabilities represent the discounted value of pension plans, which is likely a stay-in-business cost that cannot be accounted for the valuation of the deal.
Russian steelmaker, Severstal (CHMF:RU) has yesterday surprised the market by posting strong 2Q10 IFRS numbers with revenue of USD 4,225mn 3% ahead of consensus (1% above our forecast), while EBITDA of USD 955mn was 11% ahead of consensus and 3% above our estimates. The company posted net income of USD 192mn in 2Q2010, following an impairment charge of USD 208mn for Lucchini. Adjusted net in- come would have been USD 400mn, just 6% below our expectations.
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