OAO Novolipetsk Steel, the largest producer of steel in Russia, will expand iron ore projects valued at as much as $1 billion and with some of the world’s lowest costs as it sees demand from China buoying prices.
Russian steelmakers may be frustrated by an agreement between President Vladimir Putin and his Ukrainian counterpart Viktor Yanukovych to strengthen ties, according to BCS Financial Group and Deutsche Bank AG.
On a grassy plain an hour’s drive southwest of Moscow, Vladimir Lisin has started producing steel at a newly completed plant. That’s something rival metals billionaire Lakshmi Mittal hasn’t achieved in Europe.
OAO GMK Norilsk Nickel offered to buy back a 15 percent stake held by United Co. Rusal for $8.75 billion as billionaires Vladimir Potanin and Oleg Deripaska battle for control of the world’s largest nickel producer.
GLG Partners Inc.’s attempt to mitigate losses from former hedge-fund manager Greg Coffey’s bet on a Siberian coal mining company was dealt a blow after Sibanthracite Plc pulled its initial public offering.