Russian Financial Control Monitor

MOSCOW. The Luxembourg-based company RTL Group may use its option to sell its 7.5% stake in Russia's National Media Group for an estimated $81mn. The option date is September 16. National Media Group controls several major broadcasting assets including Ren-TV and Channel Five and is a co-owner of Channel One, CTC and the newspaper Izvestia.

TAGANROG. Subsidiary of the Russian pipe producer TMK, Taganrog Metallurgical Works or Tagmet, has rolled out first commercial batch of steel at its new electric arc furnace EAF-150. The startup ceremony was held via videoconference between Taganrog and Rostov-on-Don and involved President Vladimir Putin. The new EAF was constructed as part of TMK’s RUR32bn ($967.94mn, or €725.6mn) investment programme to retool the plant’s steel-making and rolling facilities. Commissioning of the electric arc furnace, supplied by the German plantmaker SMS Siemag, successfully accomplished the programme, which also comprised construction of the ladle furnace, vacuum degasser and continuous billet caster. The projects are to increase output, expand steel production range and improve steel quality of one of the leading industrial majors in southern Russia.

2023-10-08 11:42:18