By John Helmer in Moscow In the sharpest warning issued to date by an international ratings agency about a major Russian steelmaker, Standard & Poors (S&P) said yesterday there is “significant doubt about the group’s ability to continue as a going concern.” Evraz is Russia’s largest steel and mining group. It is controlled by the […]

by John Helmer - Friday, September 11th, 2009
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By John Helmer in Moscow Ronald McDonald is the most famous brand-name franchise in the world. It operates 32,000 sales points, with more than 58 million clients, in about 118 countries around the world. Currently, the McDonald’s Corporation has a market capitalization of $61 billion; this is only 16% below the peak of its pre-crisis […]

by John Helmer - Thursday, September 3rd, 2009
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By John Helmer in Moscow A blindfold has been tied over the whereabouts of Russian member of parliament and steelmaker, Vadim Varshavsky, as estimates of his liabilities multiply, and questions are raised of how his borrowings were spent, and where the money is now. The Rostov Electrometallurgical Works (REMZ), the newest of the mills of […]

by John Helmer - Tuesday, September 1st, 2009
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By John Helmer in Moscow Russia’s industrial and mining sectors are so thoroughly dominated by the handful of proprietors known as oligarchs, the only time that federal government regulators dare to interfere with their operations by attempting to enforce the law is when the regulators get their cue from a senior government official. And the […]

by John Helmer - Tuesday, September 1st, 2009
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By John Helmer in Moscow An application by three of Russia’s most powerful steelmakers to have the government impose penalty duties on imports of coated steel, primarily from China, has failed. This is the first sign from the Kremlin that applications by Russian steelmakers that threaten political and trade relations with Beijing, and risk Chinese […]

by John Helmer - Friday, August 28th, 2009
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By John Helmer in Moscow Evraz, Russia’s largest steelmaker, has received its first rating downgrade from an international ratings agency. It also is the first time Roman Abramovich and Alexander Abramov, who share control of the Evraz group’s Russian and international assets through Mastercroft Limited, a Cyprus registered company, have been downgraded. According to an […]

by John Helmer - Thursday, July 30th, 2009
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By John Helmer in Moscow Under pressure of regional politicians, prosecutors and courts, Vadim Varshavsky (pictured left), owner of the Estar group of midsized and specialty Russian steelmills, has eliminated his legal liability for another one of his lossmaking, idled units, but the terms remain unclear. Varshavsky, who avoids press contact unless it is advertorial, […]

by John Helmer - Wednesday, July 29th, 2009
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By John Helmer in Moscow Alexei Mordashov, owner of the Russian Severstal steel and mining group, has lifted his takeover offer for High River Gold (HRG:CN) by 8 Canadian cents per share, after his earlier bids for the 43% minority shareholding failed at 18 cents and 22 cents. The new offer is 30 cents. If […]

by John Helmer - Wednesday, July 29th, 2009
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By John Helmer in Moscow Severstal, the Russian steelmaker owned by Alexei Mordashov (pictured), sought today to play down a rating downgrade by Fitch, issued earlier this week. At the same time, the company has removed the head of its loss-making North American division; and announced that in Italy, where its Lucchini steel operations are […]

by John Helmer - Thursday, July 23rd, 2009
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By John Helmer in Moscow In Russia today, there is a word that dares not speak its name — and it isn’t the one that got Oscar Wilde into his famous trouble at the Old Bailey in the spring of 1895. That word is банкротство — “bankruptcy”. In the short history of Russian politics, it […]

by John Helmer - Monday, June 29th, 2009
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