Tag Archives: Novolipetsk Steel

Nikolai Maximov and Russia’s Steel “Business”

John Helmer reports:

In European folklore, will-o’-the-wisps are lambent flames seen flickering over bogs and fens, and known by many different names and stories. Usually explicable as methane igniting, in some Baltic mythologies the will-o’-the-wisp is believed to signal buried treasure. In others, the ignition is believed to be the trick of a mendacious imp intent on leading unwary travellers to misfortune.

In the history of the Russian steel business since 1990, just two men have gone bankrupt while trying to create steelmill empires, and including them, four groups have collapsed. Considering how small their indebtedness was compared to the likes of the steel majors – Evraz, Severstal, Mechel – they might think of themselves as plucky, but unlucky.

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