Metalloinvest, Severstal, Russia Metals and Mining

Turkey not to protect itself from Russian steel

Turkey, the largest export market for Russian steelmakers, has decided not to introduce special protective measures against supply of steel products from Russia.

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Severstal, Metalloinvest and MMK were leaders in terms of net profit amount in 2016

Rating agency Expert has published a rating of the largest companies of Russia RAEX-600 according to the results of 2016.

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Metalloinvest concludes long-term contract with Severstal on supply of iron ore concentrate

Metalloinvest and Severstal has signed a new long-term contract for the supply of iron ore concentrate in the amount of 1.8 million tons, valid until June 30, 2018.

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The Cabinet of Ministers asks: Russian metallurgists to help Donbass.

Metalloinvest and Severstal plan ore supplies into DPR and LPR.

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Metallurgical companies don’t agree to forgive energy companies for delays

For the first time, major steel companies have tried to block the decision of the Government and regulators, that are ready to forgive the energy sector with the late launch of new generation units. As the Kommersant has got to know, consumers didn’t sign the additional agreement to the contract for the supply of power, allowing the Russian-Chinese joint venture of TGK-2 and Huadian to postpone the launch of a heat and power station in Yaroslavl to the end of 2016. Steelmakers are not willing to forgive the joint venture penalties that exceed 1 billion rubles, and would prefer to give up the construction of the heat and power station in principle.
Investors of the building the Huadian-Teninskaya heat and power station in Yaroslavl – joint venture of TGK-2 and Chinese Huadian – may not to receive a consistent postponement of the station launch. In October 2015, the Government approved the postponement of the heat and power station launch, which is built on power delivery contract, from December 31, 2013 to December 31, 2016. Last December, the decision to postpone the joint venture’s obligations was also approved by the Supervisory Board of Market Council (energy markets regulator), but the change of the power delivery contract itself requires additional agreement, signed by all suppliers and consumers of the wholesale energy market. Market Council held the subscription campaign last week, and the organization received formal waivers from four companies - NLMK, Severstal, Evraz and Metalloinvest, the Kommersant’s source in the energy industry reported and two source of the Kommersant in the steel industry confirmed.

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Iron ore project in the Far East proves to be unprofitable

The subsidiary of gold company Petropavlovsk iron ore IRC in the Far East has suspended mining at the Kuranakh mine, the company reports. The costs in winter make the operation unprofitable, and IRC decided to transfer the mine in the mood of care and maintenance. The prime cost of the iron ore mining from this mine was $53 per ton by results of the second quarter.
Yesterday, on December 14, ore with 62% content of iron cost $39 per ton, according to the Bloomberg.
"We believe we did everything possible to prolong the economic life of Kuranakh, - executive chairman of IRC Jay Hambro states. - Continuation of the Kuranakh operation will be devastating to IRC".

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Russian Steel:Best of the best

According to rankings, compiled by the RBC, 14 representatives of the steel industry were included in the number of 500 largest Russian companies.
The largest steel company in terms of revenues, according to the agency, became Evraz. In 2014, its revenue increased by 9% to 502 billion rubles. The company’s loss grew to 49 billion rubles, and the number of employees decreased by 10% to 93.7 thousand people.

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Igor Shuvalov takes administrative barriers off metallurgists .

In exchange for keeping low metal prices the government offered metallurgists administrative and financial support.
Yesterday at the anti-crisis meeting held by the First Deputy Prime Minister Igor Shuvalov it had been decided that the steelmakers would keep prices, and the state would support them for that, several people familiar with the outcome of the meeting told "the Vedomosti": for example, export duties will not applied to the metallurgists. Officials are ready to think about the interest rate subsidies for specific programs of import substitution, people close to the government state.

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The total debt of Russian Steel’s member companies is $34 billion

Russian steel industry has been weakened by significant debt burden, vice president of the nonprofit partnership Russian Steel Igor Khoroshy reported at the meeting of the Coordinating Council on industrial policy in the metallurgical complex, chaired by the Russian Deputy Minister of Industry and Trade Sergey Tsyba.
According to the representative of Russian Steel, in 2013, the ratio of net debt to EBITDA of the member companies was 3.2, which is $34 billion in absolute terms.

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Russian Steel has faced a new competitor, The Union of Steel Smelting Industry Enterprises

The Russian leading transport machine building companies, Transmashholding, The Tractor Plants concern and The United Railway Car Company have announced about foundation of The Union of Steel Smelting Industry Enterprises. The new partnership was announced at the 9th International Railway Business Forum ‘Strategy Partnership 1520’. Besides from the companies mentioned above, the participants in the partnership of the transport machine building companies obtaining their own steel smelting capacities include, Bezhitskaya Steel JSC, Promtractor-Promlit Ltd, Tikhvin Railway Car Building Plant CJSC and Titran-Express TSZ CJSC.
The main task of foundation of the new non-commercial partnership is the forming of the sole technical policy for the steel smelting enterprises of transport machine building concerning the growing demands of the market, the provision of the mass transition to the modern models of cast details for freight rolling stock and protection from counterfeit and antidumping initiatives.

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