Russia: Nordgold gets $75-million loan from UniCredit

Nordgold has concluded an agreement with UniCredit Bank on the $75-million loan. “The company is successfully implementing its long-term strategic and operational goals, and the loan agreement with the UniCredit Group bank demonstrates our financial stability and opulence. We are glad of the cooperation with the bank and look forward to mutually beneficial work”, Nordgold…

Ukraine: anthracite consumption to fall

In 2017 Ukrainian energy sphere will consume some 7 million tons of anthracite coal as opposed to 10.5 million tons in 2016. “The difference of 3.5 million tons is covered by gas-generating coal”, the minister of energy and coal industry Igor Nasalik said. At present there is a surplus of gas coal. “The warehouses stock…

Russia: Buryatzoloto earnings down in Q1 2017

In January-March Buryatzoloto, a part of Nordgold, sold 1.1 billion rubles worth of gold, down from 2.4 billion rubles in Q1 2016. The company received 734 million rubles of net losses against 147 million rubles of net income last year. According to the company statement, the decrease is connected with the fall in key output.…

Russia: SteelAsia to buy metal

SteelAsia Manufacturing Corp. (the Philippines) has concluded an agreement with two Russian companies aiming at long-term cooperation with them. Under the $250 million contract Evraz will annually supply 50 thousand tons of billets to SteelAsia works in Davao City and in the Bulakan province. In Q1 the group purchased 240 thousand tons of Russian billets…

Russia: MMK turns into public JSC

Magnitogorsk Iron and Steel Works held an annual meeting of the shareholders. They have approved of the annual report and the accounting report for 2016, as well as decided to pay dividends for 2016 in the amount of 1.242 rubles per share. Earlier the shareholders received dividends for the first half of 2016 in the…

Russia: GPTI to produce seamless pipes

Gazpromtrubinvest intends to enter the new segments of the market, where the pipes, which cannot be welded, are used. Thus the company will build a seamless pipe manufacture. A three-roll technology will be used to reach the precision of the welded products. After the construction is complete, GPTI will have a unique manufacturing complex to…

Russia: OMK increases oil-and-gas pipe output

OMK intends to create a modern complex to produce oil-and-gas and OCTG pipes. Investments will exceed 40 billion rubles. The new pipe mills will start operating in 2018-2019, while the whole project will be finished by 2022. “Modernization will cover 100% of our OCTG pipe capacities. In April we signed an agreement with Mitsubishi Corporation…

Russia: Rusal borrows $1.7 billion

Rusal Holding has attracted the loan for pre-export financing for $1.7 billion.

According to the company statement the conditions are 3 months LIBOR +3% interest, 5 years. The goal of the loan is to refinance the current debt.

In Q1 Rusal net profits increased by 48% YoY, to $187 million. (Ukrainian metal)

Ukraine to inform WTO on scrap duty prolongation

Ukraine has to officially inform WTO of the intention to prolong the 30-euro per ton duty on ferrous scrap for 2 years and hold corresponding consultations. “The government has to work for industry, while trade diplomacy – for Ukrainian manufacture interests and economy. Such notification is highly important, so that our foreign partners understand us”,…