Russia: Rostechnadzor closes ZSMK

On March 27-29 the Siberian department of the Federal Service on Ecological, Technological and Nuclear Surveillance (Rostechnadzor) carried out an unscheduled inspection of the Zapadno-Sibirksy Iron and Steel Works. The reason for the inspection was a fatal accident at the plant on March 16. As a result of the inspection 19 violations of the industrial…

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Russia: Fitch Ratings upgrades MMK to BBB

On April 8, the rating agency Fitch Ratings upgraded company’s Long-Term Issuer Default Rating to BBB from BBB- with Stable Outlook. In its press release Fitch Ratings notes that the rating upgrade reflects MMK’s ability to maintain a conservative financial profile during market turbulence due to the company’s low cost of operations, focus on high-value…

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Russia: Stoilensky improves safety in open-pit mine

The open-pit mine of Stoilensky, the second largest producer of iron ore concentrate in Russia, has launched a pilot project to implement a personnel-positioning system. The system will improve the safety of open pit mining, as it will enable timely response to emergency situations through monitoring and analyzing the personnel’s actions and equipment operation. The…

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Russia: Fitch raises Severstal rating to BBB, outlook stable

International rating agency Fitch Ratings has upgraded the long-term issuer default rating of the Russian steelmaker Severstal to BBB from BBB-, with a stable outlook. “The rating upgrade reflects Severstal’s tested conservative financial policy during the supply-driven steel price turbulence in 2016-2017 and increasing protectionism since 2018. Its strong financial profile has been driven by…

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