MOSCOW/LONDON (Reuters) – Russian steelmaker Severstal (CHMF.MM: Quote, Profile, Research, Stock Buzz) is set to spin off its Nord Gold unit and could list the standalone business in London, it said on Wednesday, less than a year after being forced to pull a planned $1.5 billion public offering.
Severstal, which aims to complete the separation by late January, said on Wednesday the swap and potential listing of global depositary receipts would allow it and Nord Gold to focus on their core areas of activity, raise the profile of the gold unit and allow it direct access to funding.
MOSCOW, Nov 30 (Reuters) – Russian steelmaker
Severstal is set to spin off its Nord Gold unit and
could list the standalone business in London, it said on
Wednesday, less than a year after it was forced to pull a
planned $1.5 billion public offering.
Severstal, which aims to complete the separation by late
January 2012, said the swap and potential listing of global
depositary receipts would allow Nord Gold and Severstal to focus
on their core areas of activity, raise the profile of the gold
unit and allow it direct access to funding.
MOSCOW, Nov 29 (Reuters) – Vodka producer Russian
Standard Vodka, owned by billionaire Roustam Tariko, has bought
a 9.9 percent stake in Central European Distribution Corp
, a Polish rival which has lost more than 80 percent of
its market value this year.
CEDC, which holds a portfolio of some well known brands on
the Russian and Polish markets such as Absolwent and Parliament,
has twice slashed its outlook this year.
MOSCOW, Nov 25 (Reuters) – Russia’s No.2 oil producer
LUKOIL on Friday reported a worse-than-expected 20
percent fall in third-quarter net profit, hit by foreign
exchange losses, higher taxes and lower production.
LUKOIL has been the only Russian oil major with declining
output, mainly due to moribund West Siberia assets, in contrast
to top producer Rosneft which in October touted an increase in
crude production to 2.4 million barrels per day.
SYDNEY/MOSCOW Nov 25 (Reuters) – Magnitogorsk Iron &
Steel Works is to buy Australian group Flinders Mines
for an agreed A$554 million ($538 million), as Russia’s
third-largest steelmaker follows rivals in the race to secure
promising sources of iron ore.
Steelmakers have been buying upstream assets to lock in
supply and keep costs down, allowing them to remain profitable
during downturns. ArcelorMittal, the world’s largest
steelmaker, is also one of the top five producers of iron ore
and coking coal.
MOSCOW, Nov 16 (Reuters) – Russian industry is exposed
to a deepening euro zone crisis primarily via its steelmakers,
which sell the alloy used in construction, carmaking and
infrastructure to European companies facing a stark economic
The two-year debt crisis in the euro zone risks engulfing
the entire currency bloc and hurting global growth, with
economists forecasting the region could slide into recession by
early next year.
MOSCOW (Reuters) – Italy’s emergency package of fiscal reforms will probably fail to keep its cost of borrowing on financial markets at affordable rates and the country faces the risk of a debt default and departure from the euro zone if more aggressive action is not taken, economist Nouriel Roubini predicted on Saturday.
Roubini, made famous by predictions of the 2008-09 global banking crisis and worldwide recession that saw him nicknamed “Dr Doom,” also said Greece, Portugal and Spain were at risk of being ejected from the currency union.
MOSCOW (Reuters) – Italy’s austerity reforms go in the right direction and the European Central Bank is willing to support sovereign borrowers as long as it does not put price stability at risk, a senior European central banker told Reuters on Saturday.
Traders said the ECB bought Italian bonds aggressively this week to contain a spike in yields that has pushed financing costs on its sovereign debts of 1.9 trillion euros ($2.6 trillion) above sustainable levels.
Nov 11 (Reuters) – Deutsche Bank is
increasing its presence in Russia with a deal to buy Deutsche
UFG Capital Management, an asset management business with about
370 million euros ($505 million) of assets that Deutsche already
has a 40 percent stake in.
Deutsche, Germany’s flagship lender, said the deal would
strengthen its position in Russia and give its clients better
access to investments in the country — which is forecast by the
government to increase its GDP at 4.1 percent this year and 3.7
percent in 2012.
MOSCOW, Nov 7 (Reuters) – Shares in Russia’s Evraz
rose almost 4 percent on its first day of trading on the premium
segment of the London Stock Exchange, as the steelmaker
part-owned by tycoon Roman Abramovich came a step closer to the
prestigious FTSE 100.
Evraz is among a string of Russian companies seeking a
higher international profile, greater liquidity, a broader
shareholder base and better long-term access to capital markets
via a London listing and inclusion in its blue-chip index.