In 2019, the economic impact of rationalization proposals implemented at Magnitogorsk Iron and Steel Works (MMK) amounted to 585.4 million rubles, up by 29% YoY. The importance of innovation in today’s global industry determines the need for companies to pay special attention to the development of rationalization and invention. In this regard, rationalization activities are…
The government can give the Russian Direct Investment Fund (RDIF) $1 billion from the National Wealth Fund on joint production with Middle East investors of platinum group of metals by Arctic Palladium. The project, to be launched in 2024, is a joint venture between Norilsk Nickel and Russian Platinum of businessman Musa Bazhayev. The beneficiary…
The former Karaganda foundry is being revived. The plant has been renamed to Qaz Carbon LLP. According to the plant’s management, the new factory has created new 1200 jobs. It is 100% Kazakhstan content. A large-scale modernization of the plant is still underway. Outdated equipment including coke cupola furnaces was replaced. New induction furnaces have…
Some products of the Belarusian steel mill BMZ have been exported to Poland via the Belarusian Universal Commodity Exchange (BUCE), the BUCE press service has reported. As much as 2,000 tons of steel reinforcing bars made by BMZ and worth EUR 731,000 were sold to Poland in two trade sessions (in December 2019 and January).…
Last week, the price of one ounce of gold decreased by 14.4 manats ($8.4) or by 0.5%. The average price of one ounce of gold stood at 2,663 manats ($1,566). The price of one ounce of silver dropped by 0.17 manats ($0.1) or by 5.7%, to 30.1 manats ($17.7). The price of one ounce of…
Russian gold producer Uzhuralzoloto Group of Companies (UGC) has closed an acquisition of a 28.34% stake in Petropavlovsk Plc from a subsidiary of AEON Corporation of businessman Roman Trotsenko, UGC said in a statement. “The stake consists of shares that account for 22.37% of the shareholder equity and of convertible bonds that account for 5.97%…
In January Yuzhniy Mining and Processing Works produced 986.4 thousand tons of iron ore concentrate. Compared with December 2019, the output grew by 2.2%, or by 21.3 thousand tons. At the same time, compared with January 2019 the manufacture fell by 10.5%. (Ukrainian metal)
The Renova Group of Companies has sold 92% of Yekaterinburg Non-Ferrous Metals Processing Works to Ural-Dragmet, having decreased its share to 4%. The deal was struck in December 2019. The price of the purchase is not disclosed. (Ukrainian metal)
