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. Last Updated: 07/27/2016

Business in Brief

Steel Anti-Dumping Duty

Russia will finally set an anti-dumping import duty of 840 euros ($1,100) per ton on nickel-containing stainless steel flat-rolled products from the European Union in March, the government said Tuesday.

A government order published in Rossiiskaya Gazeta said the new tariff would become effective one month after its publication and remain in force for three years. The setting of the tariff follows a 13-month investigation carried out in 2004 and 2005 by the Economic Development and Trade Ministry. (Reuters)

VSMPO-Avisma Output

VSMPO-Avisma, the world's top titanium-products maker, raised output of the products by 15 percent last year to 23,900 tons, compared with 20,800 tons in 2005, the firm said Tuesday.

Output of ferro-titanium products was 6,800 tons, aluminum 8,700 tons and steel products 1,800 tons, equal to 2005 production, a VSMPO-Avisma statement said. Magnesium output by the company's Avisma division declined to 15,800 tons from 23,900 tons in 2005. (Reuters)

Private Capital Inflow Up

The Central Bank has raised its forecast for private capital inflows for 2007 to $20 billion from an earlier projection of $15 billion, First Deputy Bank Chairman Alexei Ulyukayev said in a newspaper interview published Tuesday.

Ulyukayev told Vedomosti that the forecast had to be revised upwards after private capital inflows in 2006 came in at $40 billion, substantially higher than a projected $15 billion. "We are now forecasting private capital inflows for 2007 at no less than $20 billion," Ulyukayev said. (Reuters)

Sedmoi Kontinent Sale

Vladimir Gruzdev, the founder of Sedmoi Kontinent, may sell his stake in the food retailer to business partner Alexander Zanadvorov or former co-owner of MDM Bank Andrei Melnichenko, Vedomosti reported Tuesday.

No agreements have been reached, Vedomosti said, citing a person close to the shareholders of 7K Invest-Holding. Gruzdev and Zanadvorov control 50 percent minus one share of 7K, which owns 74.8 percent of Sedmoi Kontinent, Vedomosti reported. The newspaper did not identify the holding's other shareholders. (Bloomberg)

Arbat Prestige Valued $1Bln

Arbat Prestige, a chain of cosmetics stores, has become a $1 billion business, thanks mainly to surging property prices in the capital, Vedomosti reported Tuesday.

Arbat's principal owner, Vladimir Nekrasov, agreed to pay $400 million for the 40 percent stake he did not already own in the retailer from a group of investors led by investment bank Troika Dialog, the newspaper reported. The company's property accounts for most of its value, or about $600 million, after prices more than doubled in the last two years, Vedomosti said. (Bloomberg)

Gazmetall Considers IPO

Steel firm Gazmetall is considering an IPO and is open to new tie-ups and acquisitions after it merges with Ukraine's Industrial Union of Donbass, its top owner said Tuesday.

"We will do it for sure. An IPO is like an entrance ticket to capital markets," billionaire Alisher Usmanov told Vesti 24 television. Usmanov also told the Financial Times that his firm and IUD had signed an agreement to start valuations of the two group's assets and that the process could take about three months before the two firms merge. (Reuters)

GAZ, Volvo Road Talks

TVER -- Tverskoi Ekskavator, a unit of carmaker GAZ, is in talks with Sweden's Volvo about a possible joint venture to produce road-building equipment, a senior GAZ official said Tuesday.

"Talks with Volvo are going very well," said Alexei Koromyslov, director of the special technology division at GAZ. He said the firm was also holding similar talks with other companies, but gave no other details. (Reuters)

Africa Israel $200M Venture

JERUSALEM -- Israeli conglomerate Africa Israel Investments and its subsidiary Danya Cebus said Tuesday that they would invest up to $200 million in real estate projects in Perm.

Total investment will reach up to $400 million, with an unidentified Russian partner holding the other 50 percent, the companies said. Danya Cebus said its share of the investment would be up to $80 million in the project. (Reuters)

Moskommertsbank Bonds

Moskommertsbank, a subsidiary of Kazakhstan's Kazkommertsbank, has fully placed a four-year, 3 billion ruble ($114.5 million) bond at auction Tuesday, market data showed.

The annual coupon rate for the first 1 1/2 years, with a put option, was set at auction at 8.4 percent, the bank said in a statement. An official at one of the issue organizers, East Capital, said bids for the bond amounted to 9.88 billion rubles ($377 million). (Reuters)

Magnitogorsk Iron Ore Deal

ALMATY, Kazakhstan -- Magnitogorsk Iron & Steel Works, owner of Russia's largest steel mill, agreed to buy iron ore from a Kazakh miner as it seeks to ensure long-term supplies of the material before an IPO.

Magnitogorsk plans to sign a 10-year contract with Eurasian Natural Resources Corp. shortly, Alexei Pan, a spokesman for ENRC, said Tuesday. He would not say how much of the iron would be sold. (Bloomberg)

Gazprom Exports Fall

Gazprom exported 16 percent less natural gas in January than it did one year earlier because of warm weather, Interfax said Tuesday, citing a statement from the Energy Ministry.

Gazprom shipped 13.5 billion cubic meters of gas to Europe and 4.2 bcm to former Soviet states, the agency reported. Supplies to domestic consumers fell 11 percent to 44.2 bcm, Interfax reported. (Bloomberg)

Azeri Gas Field Restarts

BAKU, Azerbaijan -- Azerbaijan has restarted gas production from its Caspian Sea Shah Deniz field after drilling a second well following repeated technical problems since December at the first well, an Azeri official said Tuesday.

The production restart would allow the field, which is led by BP and Statoil, to begin pumping gas to Georgia and Turkey from the second quarter, he added. (Reuters)

Polyus Exploration Costs

Polyus Gold, the country's largest gold miner, will this year spend more than $150 million on exploration and launch a third mill at its largest operating mine, the company's CEO said Tuesday.

Polyus, which is co-owned by billionaires Mikhail Prohkorov and Vladimir Potanin, said in a statement that it expected to boost its mineral resources by 2010 as it develops potentially the world's third-largest gold deposit in the country's Far East. (Reuters)