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. Last Updated: 07/27/2016

U.S. Firm Plans $450 Million Russian Metal Buy

The U.S. Trans Commodities trading company plans to buy $450 million worth of metal in Russia this year and to invest $120 million to $130 million into the Russian metal industry, Interfax reported Thursday.

Interfax quoted company President Sam Kislin as saying that Trans Commodities plans to bid for an 18 percent stake in the Magnitogorsk steel mill, one of the biggest mills in Russia, and take part in a series of investment tenders for equity stakes in some other Russian metal companies.

Kislin also said the company plans to invest $12 million to $14 million in new equipment for the Tulachermet metal plant, in which Trans Commodities has a 40 percent equity stake, according to Interfax.

The company already has invested $10 million and helped to increase iron output of Tulachermet by 10 percent to 12 percent from 140 to 145,000 tons a month in 1991.