Implementation of Magnitogorsk Iron and Steel Works’ (MMK) investment strategy from 2015-2025 should add $686 million to the company’s EBITDA per year. This was announced by MMK’s top management team at the company’s Capital Markets Day held in London on November 15. At the event, MMK’s Chairman of the Board of Directors Viсtor Rashnikov, CEO…
Average retail coal prices grew by 126.38 soms per ton, or by 2.8% in the first two weeks of November compared to the October prices. The National Statistical Committee presented such data. The maximum average coal prices were registered in Kara-Suu (8,485.28 soms), Batken (7,455.29 soms) and Nookat (7,286.61 soms) cities. At the same time,…
Ferrexpo mining company with assets in Ukraine has appointed Roman Polivoda the acting financial director. The appointment follows the resignation of Konstantin Zhevaho from the office of the CEO and the appointment of the financial director Chris Mawe instead. Polivoda, a citizen of Ukraine, joined Ferrexpo in 2008 as an accountant. Because of the temporary…
Moldova Iron and Steel Works has reoriented the import of scrap from Ukraine to Romania, which has resulted in the drop of output, as the Romanian products are more expensive. According to the chairman of the parliament committee on economic policy, budget and finances Oleg Vasilatiy, the tax burden of the company might be decreased.…
In October Vorkutaugol mined 1.213 million tons of coal, up by 70 thousand tons compared with August, when 1.145 million tons of coal were extracted. This was the highest monthly result when operating with 4 mines and a quarry. All the mines fulfilled their output goals in October. The Pechorskaya factory processed 820 thousand tons…
According to NLMK, in 2019 domestic demand for steel will grow by 3-5% YoY, with the construction sector being the main driver. In January-September steel demand increased by 8.5%. Next year, NLMK believes, steel consumption will grow by 2-3% and then will have an increase of 2% each year in mid-term. (Ukrainian metal)
The arbitrary court of the Central district has not satisfied the cassation appeal of the Lipetsk power company on recovery of 415.34 million rubles of electricity debt from the Svobodniy Sokol Iron and Steel Works from May 2013 till March 2015. In 2013 Svobodniy Sokol and the Lipetsk Power-selling Company (LESK) concluded an agreement on…
In January-October Ukrainian seaports decreased ferrous metals exports by 5.2% YoY, to 11.8 million tons. In particular, exports of pig iron dropped by 27.3%, to 1.9 million tons, and rolled metal – by 5.9%, to 6.8 million tons. Mariupol Port exported the most – 3.15 million tons, down by 12%. It is followed by port…