×
Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

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.

(Bloomberg)

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more