01 June 2004 05:52
NLMK steel mill plans float
MOSCOW. June 1 (Interfax) - Novolipetsk Metallurgical Combine (NLMK), one of Russia's biggest steel mills, is
planning to float shares, Vladimir Lisin, the company's board chairman, told reporters during the Second
International Metallurgical Summit in Moscow.
Lisin did, though, say that "we are still not making higher
capitalization an end in itself." NLMK might raise $4 billion-$5
"We will enter the markets, increasing the number of shares in circulation," Lisin said, without specifying
whether NLMK would be floating existing shares or issuing new shares.
Lisin also said NLMK did not intend to issue bonds.
Lisin told the metals summit that the Russian metals industry had
billion, but "there is nowhere to put this money right now because the Russian market is balanced."
accumulated significant financial resources since 1998. In the last few years Russian steel mills have spent about $4
billion on assets abroad. Russia will produce about 65 million tonnes of crude steel and about 53 million tonnes of
finished roll this year. Lisin said.
NLMK had revenues of 75 billion rubles in 2003. [RU ASIA EUROPE EEU EMRG MET STL STX IPO RESF CORA] pr
[Interfax] |
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