By John Helmer, Moscow Igor Zyuzin (right) is almost entirely dependent on the Russian government for the solvency of his Mechel steelmaking and coalmining group. With between $9 billion and $10 billion in debt, Zyuzin, who owns 65.49% of Mechel’s shares and controls the company as chairman of its board, is now the steel and […]

by John Helmer - Saturday, April 20th, 2013
No Comments »

By John Helmer, Moscow Announcing its sale of the South African asset, Highveld Steel & Vanadium, to Nemascore, a company created just weeks before, Evraz issued the following announcement: “EVRAZ announces intention to sell its South African steel mill. EVRAZ plc…announces the signing of a non-binding term sheet in respect of the proposed sale of […]

by John Helmer - Thursday, April 18th, 2013
No Comments »

By John Helmer, Moscow United Company Rusal appears to have been stripping assets from the Aluminium Smelter Company of Nigeria (Alscon) at the same time as it was creating large loan obligations which the loss-making smelter has little chance of repaying. Public protests got under way at Alscon, which is located at Ikot Abasi, in […]

by John Helmer - Tuesday, April 16th, 2013
No Comments »

By John Helmer, Moscow When Oleg Mukhamedshin, head of investment strategy for United Company Rusal, was in London recently, he complained the stock market isn’t giving Rusal’s share price a fair valuation, taking into account how much profit the non-aluminium line of business – that’s the dividend to be paid to Rusal by Norilsk Nickel […]

by John Helmer - Sunday, April 14th, 2013
No Comments »

By John Helmer, Moscow Nemascore, the South African buyer of Evraz Highveld, the loss-making steel and vanadium producer, is run by a part-time lawyer, a part-time entrepreneur, and the part-time executive of Fire Check, a Durban-based company specializing for the past twenty years in installing home and office fire alarms around that east coast city. […]

by John Helmer - Friday, April 12th, 2013
No Comments »

By John Helmer, Moscow Nigerian judge, Okechukwu Okeke, failed to show up in his Lagos court yesterday for the scheduled trial on arms smuggling charges of the crew of the Myre Seadiver. There was no explanation for his non-appearance.

by John Helmer - Thursday, April 11th, 2013
No Comments »

By John Helmer, Moscow Igor Zyuzin’s desperately indebted steel and coal-mining group Mechel is negotiating the sale of a 25% shareholding stake in Mechel Mining, his coal division, for $1.25 billion. That’s a fraction – maybe half — of what it was worth two years ago. Would such a loss of capital value, and the […]

by John Helmer - Wednesday, April 10th, 2013
No Comments »

By John Helmer, Moscow Pavel (Pavlik) Morozov, aged 14, was murdered on September 3, 1932, along with his 9-year old brother, Fyodor. They were stabbed to death. Four people were convicted of the crimes – their grandfather Sergei and cousin Danila did the stabbing; uncle Arseny plotted the crime beforehand; grandmother Kseniya covered it up […]

by John Helmer - Monday, April 8th, 2013
No Comments »

By John Helmer, Moscow Though their meaning and intent are identical, crocodiles are better known for their tears than for their smiles. So are Russian officials. Take Igor Shuvalov, the first deputy prime minister, for example. When the chief executive of one of the largest mining companies in the world came to Moscow, a member […]

by John Helmer - Friday, April 5th, 2013
No Comments »

By John Helmer, Moscow Alrosa is reopening its African business but there is no song and dance yet. The chief executive, Fyodor Andreyev, is in Angola this week, the company has confirmed, and is discussing with state diamond company Endiama the formation of joint ventures to explore for diamonds on the Angolan-Congolese border. Similar exploration […]

by John Helmer - Thursday, April 4th, 2013
No Comments »