- Print This Post Print This Post

By John Helmer, Moscow Severstal, the Russian steelmaker owned by Alexei Mordashov (image, far left, far right) reported today that in the final quarter of 2012 the company suffered a loss of $150 million after revenues fell to $3.12 billion, down 13.2% from the third quarter; earnings (Ebitda) contracted 36.4% to $347 million; and operating […]

- Print This Post Print This Post

By John Helmer, Moscow The International Trade Administration (ITA) of the US Department of Commerce has revealed that the new reference prices it set early this month for imports to the US of Russian-made rolled steel products will rise by 47% over the prevailing regime. However, the US evidence suggests the impact on Russian exporters […]

- Print This Post Print This Post

By John Helmer, Moscow If you are a steelmill owner working at safe distance when the bombs, rockets and body-packs explode in your market, the more destruction the better for demand, sales, and profit margins, especially at this point in the current cycle of the steel trade. Magnitogorsk Metallurgical Combine (MMK), the Russian steelmaker owned […]

- Print This Post Print This Post

By John Helmer, Moscow Novolipetsk Metallurgical Combine (NLMK), owned by Vladimir Lisin, has done something that no Russian steelmaker is on record as doing in the current downturn for steel production, sales, and profits; nor in the downturns which have preceded – 1991-93, 1998-99 and 2008-09. It is negotiating with steelworkers and their unions before […]

- Print This Post Print This Post

By John Helmer, Moscow Severstal reconfirmed this week that the control shareholder and executive chairman, Alexei Mordashov, has ruled out buying brownfield projects or loss-making steelmills. The company is not saying, however, whether it will agree to buy from ArcelorMittal parts of the Florange steelmill in northeastern France. Two blast furnaces at the struggling site […]

- Print This Post Print This Post

By John Helmer, Moscow The co-founder of the Mechel steelmaking and coal-mining group, Vladimir Iorikh, always said the over-confidence of partner Igor Zyuzin (parachutist) would get the company into trouble as big as this. So, rather than go down in flames himself when the crash he expected would come, Iorikh sold out to Zyuzin in […]

- Print This Post Print This Post

By John Helmer, Moscow There have been demonstrations this month in the Romanian town of Campa Turzii against plans by Russian steel maker Mechel to cut its local steelmill’s workforce by up to a thousand jobs, after rolling job cuts have already reduced the plant’s workforce over recent years. The Romanian government responded on Friday […]

- Print This Post Print This Post

By John Helmer, Moscow The shrinking violet of English literature, Jane Austen (image top right), said it best: “Nothing is more deceitful than the appearance of humility. It is often only carelessness of opinion, and sometimes an indirect boast.” Alexei Mordashov (image centre) likes to think of the Business System he has introduced at his […]

- Print This Post Print This Post

By John Helmer, Moscow There is a unique protection in the Ontario Business Corporations Act which may have Alexei Mordashov’s name written all over it. It’s called the oppression remedy. What this does is to allow minority shareholders to go to court to challenge the votes and decisions of majority or control shareholders in a […]

- Print This Post Print This Post

By John Helmer, Moscow You don’t have to be Mr Plod to suspect that Noddy isn’t playing fair. More than half the Canadians who hold shares in High River Gold (HRG:CN), and who have resisted Alexei Mordashov’s buyout offers in the past, think he’s low-balling them again. Having driven up the share price to C$1.43, […]