Support The Moscow Times!

Now is the time to support independent reporting from Russia!

Contribute Today

Magnitogorsk to Sell Bonds

The board of billionaire Viktor Rashnikov's Magnitogorsk Iron & Steel Works, or MMK, has approved a plan to sell as much as 50 billion rubles ($1.7 billion) of bonds to refinance debt and fund projects, company spokesman Kirill Golubkov said Tuesday.

The company registered 10 tranches of three-year bonds of 5 billion rubles each in Moscow. Ruble bonds are currently the lowest-rate debt instrument available to the company, Golubkov said.

MMK is seeking to boost crude-steel output by more than 60 percent by 2014. The company invested about $2 billion last year and plans to spend $1.2 billion to $1.5 billion a year through 2014, according to Rashnikov.


Read more

Russia media is under attack.

At least 10 independent media outlets have been blocked or closed down over their coverage of the war in Ukraine.

The Moscow Times needs your help more than ever as we cover this devastating invasion and its sweeping impacts on Russian society.