Russian billionaire Mikhail Prokhorov’s Onexim Group is selling a 7% stake in aluminum giant UC RUSAL to a company affiliated with Sual Partners of Viktor Vekselberg and Leonard Blavatnik for $503.9 million, RUSAL said in a statement on August 11. At present, Onexim holds 13.7% in RUSAL and Sual Partners has a 15.8% stake. As…
Russian retailer Magnit and metals giant Norilsk Nickel were put on Forbes’ list of the world’s 100 most innovative companies, according to a statement on Forbes’ Web site. Magnit obtained the 53rd place on the list and Norilsk Nickel holds the 63rd position. Software developer Salesforce regained the top spot as the world’s most innovative…
U.K.-based mining giant Evraz, which operates mainly in Russia, plans to keep the ratio of its net debt to earnings before interest, taxes, depreciation and amortization (EBITDA) at 2 in 2017, Vice President Nikolai Ivanov said during a conference call on August 10. “We plan no serious changes of the net debt level at the…
The state coal companies have started receiving budget funds to pay salary to miners. The largest part of them was used to clear debts. According to Mikhail Volynets, the chairman of the Independent Miners Union, Selidovugol has paid June salary and 10% for July. Lisichanskugol miners received all the June money and 12% for July.…
GRK MLD LLC intends to put its copper concentrate and cathode mining and processing works in the East-Kazakhstan region into operation this year. According to the regional department of entrepreneurship and industrial-innovative development, investments into the project total 17.4 billion tenge. The works capacity will be 750 thousand tons of ore per year. (Ukrainian metal)
In January-June VIZ-Stal thanks to its energy efficiency improvement program decreased electricity consumption by 529 thousand kWh and of gas by 722.5 thousand cubic meters. This allowed the company to save 5.1 million rubles In particular, the company has finished modernization of two nitrogen-producing mills used in the thermal treatment of metal. The project will…
The Volgograd Iron and Steel Works “Krasniy Oktyabr” is carrying out modernization of the manufacturing capacities at its rolled metal finishing shop. According to the company statement, a new metal processing line is being constructed there. The foundation for the PL-250 centerless turning machine and RL-250 two-roll straightener has been complete. The foundation will be…
Metalloinvest and Chelaybinsk Iron and Steel Works have signed long-term contracts for the delivery of around 1.6 million tons of iron ore raw materials and pellets. According to the contract by June 30, 2018 Mikhailovsky Mining and Processing Works will have supplied some 0.6 million tons of pellets and 1 million tons of iron ore…