George Buzhenitsa News
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Glencore International Plc, the largest publicly traded commodities supplier, is studying an acquisition of ferroalloy assets held by Russia’s OAO Mechel, according to three people with knowledge of the deliberations.
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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.
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OAO GMK Norilsk Nickel’s board will discuss Aug. 15 holding a third share buyback this year for Russia’s largest mining company.
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Alexey Mordashov, the Russian steel billionaire who lost more than $2 billion on the sale of U.S. plants, is defying economic forecasts with a spending plan set to boost capacity at Severstal North America by 45 percent.
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OAO Novolipetsk Steel, Russia’s biggest producer of the metal by market value, started building a rolling mill without waiting for 32 billion rubles ($1 billion) of funding it requested from the government.
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OAO Mechel will rebound as investors dismiss concerns the Russian coal company will lose a mining license to buy shares trading three times cheaper than peers, Otkritie Financial Corp. and Renaissance Capital say.
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OAO Mechel, the Russian coal producer controlled by billionaire Igor Zyuzin, is assessing whether to sell a stake in a mining unit to help fund its largest project, said three people with knowledge of the matter.
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OAO Mechel rose for the first time in six days in New York after Russia’s biggest coal producer for steelmakers traded at its cheapest level since January.
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OAO Raspadskaya jumped to the highest in a week after a venture between its management and Evraz Plc, the steelmaker part-owned by billionaires Roman Abramovich and Alexander Abramov, agreed to sell 6.2 percent in the Russian coal producer’s buyback.
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OAO Magnitogorsk Iron & Steel, the Russian steelmaker blocked from buying Australia’s Flinders Mines Ltd. this year, said a court in Chelyabinsk ruled that the claim against the deal was unfounded.
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