John Fredriksen, the second-biggest investor in travel operator TUI AG, cut his stake as the German company shifts away from the shipping industry that’s the focus of the Norwegian billionaire’s assets.
OAO Severstal, Russia’s second- largest steelmaker, met all criteria for getting a U.S. advanced-vehicle development loan criticized by some members of Congress, Chief Executive Officer Alexey Mordashov said.
Russian billionaire Alexey Mordashov, driving a $2 billion-a-year expansion program at steelmaker OAO Severstal, is investing in new U.S. output just as largest rival ArcelorMittal shutters plants to weather a slump in demand.
Russian steel demand may exceed the World Steel Association’s forecasts this year and the next as the country steps up house building and car manufacturing, OAO Severstal Chief Executive Officer Alexey Mordashov said.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
Alexey Mordashov, who has lost about $1.4 billion of his fortune in a year from a slump in steelmaker OAO Severstal’s shares, says countries need to agree on global cuts in output to save the industry from itself.