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. Last Updated: 07/27/2016

Business in Brief

Severstal Plans New Mill

Steel maker Severstal plans to invest $500 million in building a mill to produce 1 million tons per year of long products for the construction industry, the company said Friday.

The mill will be built in the town of Dzerzhinsk in Nizhny Novgorod, Severstal said in a statement.

Severstal earlier said it planned another $500 million long-products plant in the Saratov region. (Reuters)

Indian Greenfield Steel Plant

MUMBAI, India -- India's largest stainless steel maker, Jindal Stainless, plans to set up a greenfield facility in Russia and may invest up to $60 million, the Indian newspaper The Economic Times reported Friday.

The plant will have a capacity to make 400,000 tons of stainless steel annually, the report said.

"The company is constantly looking at attractive investment opportunities in the overseas markets including Russia that give us control over inputs like manganese ore and ferro chrome, managing director V.S. Jain said, the newspaper reported. (Reuters)

Belarus Plans Refinery IPO

WARSAW -- The Mozyr oil refinery in Belarus may sell shares in a Warsaw initial public offering to raise cash for investment, the Wall Street Journal Polska reported Friday, without saying where it got the information.

The Belarusian government may also sell part of the 14.8 percent stake it bought from the company's workers last year, bringing its holding back into line with that of Slavneft, which has 42.5 percent, the newspaper said. (Bloomberg)

Highveld Profit Up 60%

JOHANNESBURG, South Africa -- Highveld Steel & Vanadium, a South African metals producer controlled by Evraz Group, said Friday that first-half profit climbed 60 percent after steel prices increased and the rand weakened against the dollar.

Net income rose to 643 million rand ($91 million), or 6.48 rand a share, from 401 million rand, or 4.05 rand a share, a year earlier, the company said in a statement. (Bloomberg)

Severstal-Avto Unit Eyed

TOKYO -- Daido Metal, a Japanese maker of ball bearings, will buy an automotive ball bearing subsidiary of Severstal-Avto for $20 million, the Japanese manufacturer said in a statement released Friday.

The acquisition, scheduled for August, is part of a global expansion, which includes business in China and India, Daido Metal said in the statement. (Bloomberg)

Komatsu Excavator Factory

NEW YORK -- Komatsu plans to build a hydraulic excavator factory in Russia by about 2010 as demand for construction equipment in the country gains at an annualized 40 percent pace, Nikkei English News reported Friday, citing a senior company official.

Komatsu would spend several billion yen on the assembly plant, Nikkei said, without being more specific. It is expected to have initial annual production of 1,000 units, Nikkei said. (Bloomberg)

2 Foreign Licenses Reviewed

The Federal Service for the Inspection of Natural Resources Use said Thursday that it will seek the review of licenses held by units of London-listed Urals Energy and Canada's Heritage Oil.

Inspections at Ural Energy's Verkhneomrinskaya Neft in the Komi republic and Heritage's Chumpasneftedobycha in the Khanty-Mansiisk autonomous district uncovered violations of permit agreements, the Natural Resources Ministry said in a statement. (Bloomberg)

Alrosa Eyes Kyrgyz Mine

Alrosa, the country's largest diamond miner, plans to participate in a tender by year's end to develop the Terek-Sai gold deposit in Kyrgyzstan, a source in the company said, RIA-Novosti reported Friday.

"While meeting with Kyrgyz Prime Minister Almazbek Atambayev in Bishkek, Alrosa CEO Sergei Vybornov expressed interest in developing the Terek-Sai deposit." the source said, the agency reported. (MT)

Inter RAO Income Climbs

Inter RAO UES, the export and import trader of national utility Unified Energy System, said Friday profit rose 4 percent last year.

Net income climbed to 76.6 million euros ($105 million) from 73.6 million euros in 2005, Inter RAO said. Sales increased by 290.7 million euros to 1.08 billion euros. (Bloomberg)

Oil Products Exports Rise

Fuel oil, gas oil and gasoline exports rose in July as some plants completed turnarounds to produce more products, while oil firms exported bigger volumes to take advantage of higher global prices, Industry and Energy Ministry data showed Friday

Ministry data showed exports of gasoline rose by 4.8 percent in absolute terms from June to 499,700 tons, shipments of gas oil rose 15 percent to 3.145 million tons and fuel oil by 7.8 percent to 3.813 million tons. (Reuters)

Peugeot Studies Plant Sites

French carmaker Peugeot Citroen is studying three potential sites for a $410 million plant in the Nizhny Novgorod region with a capacity to manufacture up to 210,000 automobiles a year, Governor Valery Shantsev said at a news conference Friday, Interfax reported.

Shantsev told reporters Peugeot would make its decision on the planned site in October. (MT)