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| Severstal Receives $1.2Bln for PBS |
Severstal said Wednesday that it had signed a five-year syndicated loan to make immediately available $1.2 billion at an interest rate of 235 basis points over the London interbank offered rate.
The steelmaker has been in discussions with the arranging banks since the financial turmoil that hit the markets last week, and terms of the deal have changed, a banking source close to the deal said.
As previously reported, the pre-export financing was originally for $1.5 billion with a margin of 185 basis points over LIBOR, banking sources said.
Severstal appointed Bank of Tokyo-Mitsubishi-UFJ, Barclays, BNP Paribas, Citi, Commerzbank, Deutsche Bank, Royal Bank of Scotland and Societe Generale as mandated lead arrangers earlier in September.
The proceeds will be primarily used for the acquisition of PBS Coals Company and other corporate purchases. The credit agreement also provides for an option to increase the amount.
The Moscow Times
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| Polyus Zoloto appointed Nornickel representatives |
O.Ignatov, deputy director of Nornickel, was appointed the deputy director general of Polyus Zoloto, the company informed. Besides, two new posts were affirmed including the deputy director general on the internal control and deputy director general on technical supply.
The share capital of the Company is worth 190.62mln rub. split in 190627747 common stocks including 66494539 stocks in the form ADSs of 1 rub. par
AK&M
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| Raspadskaya Profits Soar |
Raspadskaya said Tuesday that net profit in the first half of the year rose 186 percent to $262 million from the same period a year ago on high coal prices.
Sergei Donskoi, a metals and mining analyst at Troika Dialog brokerage, said the Federal Anti-Monopoly Service's decision earlier this month to fine Raspadskaya about $4 million for price fixing in the domestic coking coal market, along with an agreement to lower prices for Russian clients, would not have a serious impact on its full-year results.
"They have reduced prices by less than 5 percent," Donskoi said. "That was apparently enough to satisfy the anti-monopoly authorities."
Reunters
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| Norilsk Nickel is in talks with Russian Technologies |
Norilsk Nickel is in talks with Russian Technologies on joining the Udokan copper project in Siberia, Norilsk chief executive Vladimir Strzhalkovsky said Monday, Interfax reported.
Bloomberg
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| RusAl Joint Venture in Libya |
United Company RusAl said Monday that it signed a joint venture accord with Libya to explore the possibility of building a smelter and power plant in the country.
The memorandum of understanding concerns a project to build an aluminum plant with a capacity of 600,000 tons per year and a 1,500-megawatt gas-fired generator, the company said. RusAl would hold 60 percent of the project and a Libyan partner the rest.
Bloomberg
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| Hambro Steps Back From Gold Target |
LONDON — Peter Hambro Mining, the second-biggest gold producer in Russia, fell in London trading after saying it may miss a target to increase annual production to 1 million ounces by 2011.
The London-based company fell 10 percent as equipment delays and exploration stalled output at its Malomir mine by six months, until the first half of 2010. First-half net income fell 33 percent to $14.4 million as costs climbed, it also said Monday in a statement.
"They've had an aggressive growth plan," said Tim Dudley, an analyst at Arbuthnot Securities. The stalled output "will concern investors," he said.
The delay may add to higher labor and fuel costs for Peter Hambro, which said it saw no sign of slower gains in prices. Costs at the Pokrovsky mine, which makes up about 87 percent of production, rose 28 percent to $215 an ounce, it said. The company mainly operates in Russia's eastern Amur region.
The Moscow Times
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| Norilsk May Boost Buyback |
Norilsk Nickel may increase the number of shares it buys back to support the stock price, chairman Vladimir Potanin told Interfax on Thursday.
Norilsk on Aug. 22 approved a plan to spend 49 billion rubles ($1.94 billion) buying back shares.
Bloomberg
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| Norilsk Deputy Resigns |
Norilsk Nickel first deputy chief executive Alexander Popov resigned because shareholder conflict is hampering operations, Interfax reported Thursday.
"The current situation seriously limits management's ability to make decisions and act in the interests of all shareholders," Popov said.
Bloomberg
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| RusAl May Put $3Bln Into China |
United Company RusAl said Thursday that it might spend as much as $3 billion over seven years in China as it expects Asia to generate half of the company's sales.
"The Asian region should be the growth driver in the future, generating around 50 percent of our total revenue," chief executive Alexander Bulygin said in an interview with the South China Morning Post. RusAl spokeswoman Vera Kurochkina confirmed Bulygin's comments. RusAl plans to spend from $500 million to $3 billion on three new plants in China, Bulygin said.
The company, which owns two cathode plants in China, may build a foil mill and an anode plant there. Anode is the smelted product refined into cathode, a finished product that's molded into wire and rods. RusAl is also planning an aluminum smelter in China's Qinghai province with China Power Investment.
China, the world's largest producer and consumer of the lightweight metal, accounted for 35 percent of RusAl's first-half revenue, which grew 14 percent to $8 billion.
RusAl signed an agreement with China Power in February that includes the construction of a bauxite and alumina complex in Guinea. China Power will hold as much as 49 percent of the venture, which will have an annual production capacity of 2.8 million tons of alumina, RusAl said at the time. RusAl will control as much as 49 percent of the Chinese smelter, which will produce more than 500,000 tons annually.
The Moscow Times
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| Price Freeze for 2 Coal Firms |
Raspadskaya and Evraz Group were ordered to freeze coking-coal prices until Jan. 1, said Alexei Ulyanov, head of industrial supervision at the Federal Anti-Monopoly Service, Interfax reported Wednesday.
The companies, which the watchdog found guilty of abusing their dominant positions in the coal market, were told to keep prices for the steelmaking ingredient at current levels.
Bloomberg
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