Russia: Petropavlovsk to sell IRC

Gazprombank is looking for a strategic investor for the gold-extracting company Petropavlovsk to buy a share in IRC. According to a major Petropavlovsk shareholder Kenes Rakishev, who owns 22.42% in the company, a major steel company could be such an investor. He didn’t give any names though. At the same time the sale will be…

Russia: RIAK output to double in 2019

RIAK, the plant that produces aluminum sections in Ingushetia, intends to double its output volumes. “From November, the company will reach its planned capacity of 6600 tons per year, thus increasing its output 2-fold”, the company CEO Magomet Tumgoyev said. The plant was opened in 2012, and the second stage launched in April 2018. 80…

Russia: PMH revenue up in 2018

In 2018 PMH consolidated revenue exceeded 89 billion rubles, up by 5% YoY. The prime cost of products sold totaled 64.4 billion rubles, up by 12%. Gross profit dropped by 10%. EBITDA was 19.3 billion rubles, almost flat YoY. Net profit decreased by 83%, to 1.3 billion rubles, mostly due to currency exchange rate difference.…

Russia: NLMK chooses 10 startup projects

NLMK participated in the Skolkovo Startup demo-day in Lipetsk as part of the Open Innovations Startup Tour. The tour aims at finding new promising projects. At the preliminary stage NLMK representatives have reviewed 40 projects in the sphere of metallurgy, energy, repair and HR. Leaders of the best projects have been invited to Lipetsk. In…

Russia: Mechel increases coke exports to Turkey

Mechel has signed an agreement to supply metallurgical coke to Kayseri Sugar, the largest sugar producer in Turkey. According to the agreement, Mechel will have to deliver up to 90 thousand tons of coke in 2019-2021 (some 30 thousand tons each summer). The price will be determined during negotiations. “Turkey is one the priority export…

Uzbekistan: coal output down in Q1 2019

In January-March, Uzbekistan decreased gold output by 25% YoY, to 809 thousand tons.

According to the state statistics, in Q1 2018, 1087 thousand tons of coal were mined.

In December 2018, 45% of Uzbekugol were transferred to the management of Progress Gor Tech LLC (Russia). (Ukrainian metal)

Russia: TVEL and Hermith to set up titanium JV

Russian state nuclear corporation Rosatom’s fuel company TVEL has signed a cooperation agreement with German titanium supplier Hermith to create a joint venture for manufacture of titanium products with a high added value, TVEL said.   The venture will sell its products to aviation, car, and pharmaceutical companies, TVEL said, adding that the agreement also…

Ukraine: Mariupol Ilyich awarded for labor potential development

Mariupol Ilyich Iron and Steel Works has been awarded for the development of the labor potential.

The plant was awarded at the XI forum of the Employers Association.

Avdiivka Coke and Chemical Works was awarded in the category “Despite crisis”. (Ukrainian metal)

Russia: Korshunovsky GOK profit up in Q1 2019

In January-May, Korshunovsky Mining and Processing Works received 1.227 billion rubles of net profit, up 5.7-fold YoY. Revenue grew 2.2-fold, to 3.675 billion rubles. Gross profit increased 18.5-fold, to 1.572 billion rubles. Fixed liabilities dropped from 352.6 million rubles as of December 31, 2018, to 337.8 million rubles, while current liabilities grew from 2.047 billion…

Russia: Metalloinvest elects new board of directors

Metalloinvest has elected a new board of directors. In particular, the board now features Ivan Streshensky (chairman), Andrey Varichev, executive director, Vakhtang Kocharov, executive director, Pavel Mitrofanov, non-executive director, Gleb Kostikov, non-executive director, Irina Lupicheva, non-executive director, Valeriy Kazikayev, independent non-executive director, Galina Aglyamova, independent non-executive director, and Dmitry Tarasov, independent director. Vakhtang Kocharov has…