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Armenia: PM reveals bizarre story surrounding VTB Bank – Vallex Group dispute over copper mine

PM Nikol Pashinyan has presented details surrounding the existing situation at the Teghut Copper and Molybdenum Mine (Lori province) and the Alaverdi Copper Smelting Plant. Speaking in parliament, the PM presented how the situation developed in the first place. According to Pashinyan, the VTB Bank lent $380 million to the Teghut mine and Vallex Group,…

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Russia: ChTPZ pipes sales down in 2018

In 2018 the ChTPZ pipes enterprises – Chelyabinsk Pipe-Rolling Works and Pervouralsky Novotrubniy Works – sold 1.92 million tons of pipes, down by 3.7% YoY. The decrease is due to the completion of large diameter pipes deliveries for the Nord Stream-2 construction. Deliveries to the Russian market grew by 1.2%, to 1.42 million tons, including…

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Russia: Moody’s Upgrades MMK to Baa2

On February 12, Moody’s rating agency upgraded MMK’s Issuer Rating to Baa2 from Baa3 with Stable Outlook. This action followed a sovereign rating action on the government of Russia, which took place on February 8, when Moody’s upgraded Russia’s long-term issuer and senior unsecured debt ratings to Baa3 from Ba1 and changed the outlook on…

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Ukraine: AMKR saves $120 million within WCM project

World Class Manufacturing system (WCM) used in most of ArcelorMittal’s units will be implemented in all shops and departments of ArcelorMittal Kriviy Rih from 2019. WCM system is based on two main principles that are continuous improvements and losses elimination that give the company a number of advantages in innovation, quality, price, flexibility, delivery performance,…

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