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Latest Novolipetsk Steel Stories

2008-09-08 00:00:22

By Joe Napsha When Russian leader Nikita S. Khrushchev toured the United States in 1959, he visited Mesta Machine Co. in West Homestead to see a mill that made machine tool and steel mill equipment for the thriving steel industry. Today, the Russians are doing more than just visiting steel mills and steel-supply plants to see how they work -- they're buying some of the nation's steel industry assets, thanks in large part to Russian tycoons who are worth billions of dollars, experts say....

2008-08-15 00:00:29

Carlyle Group, the world's second-largest private-equity firm, sold U.S. steelmaker John Maneely Co. to Russia's OAO Novolipetsk Steel for $3.5 billion, increasing its money sevenfold in two years. The Zekelman family also sold its stake in John Maneely, which is forecast to have sales of $3 billion in fiscal 2008, Lipetsk-based Novolipetsk said in a statement. It's the biggest steel industry takeover this year, according to data compiled by Bloomberg News. Maneely owns Wheatland Tube...

2008-08-14 12:00:42

Russia's leading steel producer Novolipetsk Steel said it had agreed to buy pipe and tube maker John Maneely Co. for $3.53 billion. The deal requires approval by the U.S. Committee on Foreign Investment. If approved, the purchase would close in the fourth quarter of 2008, The Moscow Times reported Thursday. JMC, owned by the Carlyle Group and the Zekelman family, is based in Beachwood, Ohio, and includes 11 plants in five states and one Canadian province. The company's production capacity...

2008-06-30 18:02:48

By Graeme King A FAST-GROWING steel business in Gateshead has been bought out by the Ukraine's equivalent of Roman Abramovich. Spartan UK, based in Dunston, is on a fast track growth programme which aims to deliver pounds 100m sales in two years' time - and now its success has attracted oligarch Rinat Akhmetov to take control. Mr Akhmetov's Metinvest business generates a phenomenal 12% of the Ukraine's GDP, owns iron ore and coal mines as well as steel mills, and the boss is also...

2008-06-24 02:30:06

MOSCOW. June 23 (Interfax) - Market players have convinced the Russian government not to introduce export duties on ferrous metals scrap and coking coal, but instead, to practice long-term contracts between companies, a source with a metallurgical company told Interfax. Deputy Prime Minister Igor Sechin discussed the proposed practice of concluding long-term contracts between metal, coal, pipe and oil producers with managers of metal companies on Saturday, the source said. The...


Word of the Day
bodacious
  • Remarkable; prodigious.
  • Audacious; gutsy.
  • Completely; extremely.
  • Audaciously; boldly.
  • Impressively great in size; enormous; extraordinary.
This word is probably from the dialectal 'boldacious,' a blend of 'bold' and 'audacious.'
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