Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Ravencoin RVN About to EXPLODE to NEW HIGHS! Last Chance to Buy Before it goes to the MOON! - 21st Oct 21
Stock Market Animal Spirits Returning - 21st Oct 21
Inflation Advances, and So Does Gold — Except That It Doesn’t - 21st Oct 21
Why A.I. Is About To Trigger The Next Great Medical Breakthrough - 21st Oct 21
Gold Price Slowly Going Nowhere - 20th Oct 21
Shocking Numbers Show Government Crowding Out Real Economy - 20th Oct 21
Crude Oil Is in the Fast Lane, But Where Is It Going? - 20th Oct 21
3 Tech Stocks That Could Change The World - 20th Oct 21
Best AI Tech Stocks ETF and Investment Trusts - 19th Oct 21
Gold Mining Stocks: Will Investors Dump the Laggards? - 19th Oct 21
The Most Exciting Medical Breakthrough Of The Decade? - 19th Oct 21
Prices Rising as New Dangers Point to Hard Assets - 19th Oct 21
It’s not just Copper; GYX indicated cyclical the whole time - 19th Oct 21
Chinese Tech Stocks CCP Paranoia, VIES - Variable Interest Entities - 19th Oct 21
Inflation Peaked Again, Right? - 19th Oct 21
Gold Stocks Bouncing Hard - 19th Oct 21
Stock Market New Intermediate Bottom Forming? - 19th Oct 21
Beware, Gold Bulls — That’s the Beginning of the End - 18th Oct 21
Gold Price Flag Suggests A Big Rally May Start Soon - 18th Oct 21
Inflation Or Deflation – End Result Is Still Depression - 18th Oct 21
A.I. Breakthrough Could Disrupt the $11 Trillion Medical Sector - 18th Oct 21
US Economy and Stock Market Addicted to Deficit Spending - 17th Oct 21
The Gold Price And Inflation - 17th Oct 21
Went Long the Crude Oil? Beware of the Headwinds Ahead… - 17th Oct 21
Watch These Next-gen Cloud Computing Stocks - 17th Oct 21
Overclockers UK Custom Built PC 1 YEAR Use Review Verdict - Does it Still Work? - 16th Oct 21
Altonville Mine Tours Maze at Alton Towers Scarefest 2021 - 16th Oct 21
How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
The Only way to Crush Inflation (not stocks) - 14th Oct 21
Why "Losses Are the Norm" in the Stock Market - 14th Oct 21
Sub Species Castle Maze at Alton Towers Scarefest 2021 - 14th Oct 21
Which Wallet is Best for Storing NFTs? - 14th Oct 21
Ailing UK Pound Has Global Effects - 14th Oct 21
How to Get 6 Years Life Out of Your Overclocked PC System, Optimum GPU, CPU and MB Performance - 13th Oct 21
The Demand Shock of 2022 - 12th Oct 21
4 Reasons Why NFTs Could Be The Future - 12th Oct 21
Crimex Silver: Murder Most Foul - 12th Oct 21
Bitcoin Rockets In Preparation For Liftoff To $100,000 - 12th Oct 21
INTEL Tech Stock to the MOON! INTC 2000 vs 2021 Market Bubble WARNING - 11th Oct 21
AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
Stock Market Wall of Worry Meets NFPs - 11th Oct 21
Stock Market Intermediate Correction Continues - 11th Oct 21
China / US Stock Markets Divergence - 10th Oct 21
Can US Save Taiwan From China? Taiwan Strait Naval Battle - PLA vs 7th Fleet War Game Simulation - 10th Oct 21
Gold Price Outlook: The Inflation Chasm Between Europe and the US - 10th Oct 21
US Real Estate ETFs React To Rising Housing Market Mortgage Interest Rates - 10th Oct 21
US China War over Taiwan Simulation 2021, Invasion Forecast - Who Will Win? - 9th Oct 21
When Will the Fed Taper? - 9th Oct 21
Dancing with Ghouls and Ghosts at Alton Towers Scarefest 2021 - 9th Oct 21
Stock Market FOMO Going into Crash Season - 8th Oct 21
Scan Computers - Custom Build PC 6 Months Later, Reliability, Issues, Quality of Tech Support Review - 8th Oct 21
Gold and Silver: Your Financial Main Battle Tanks - 8th Oct 21
How to handle the “Twin Crises” Evergrande and Debt Ceiling Threatening Stocks - 8th Oct 21
Why a Peak in US Home Prices May Be Approaching - 8th Oct 21
Alton Towers Scarefest is BACK! Post Pandemic Frights Begin, What it's Like to Enter Scarefest 2021 - 8th Oct 21
AJ Bell vs II Interactive Investor - Which Platform is Best for Buying US FAANG Stocks UK Investing - 7th Oct 21
Gold: Evergrande Investors' Savior - 7th Oct 21
Here's What Really Sets Interest Rates (Not Central Banks) - 7th Oct 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Russian Oligarch - No Short-term Consequences from Sanctions Yet

Politics / Russia May 22, 2014 - 11:55 AM GMT

By: Bloomberg


In a Bloomberg Television interview with Ryan Chilcote in St. Petersburg today, Russian oligarch and Severstal CEO Alexey Mordashov said he has 'no pressure' in U.S. or Russia to dispose of assets and has not seen any short-term consequences from sanctions yet.  Mordashov told Bloomberg’s Chilcote he is 'quite optimistic' on interest shown for U.S. assets.


On considering his options for his steel plants in Dearborn, Michigan and Columbus, Mississippi:

"Well, basically there are two options, to develop it and to stay. Or to dispose it, to create maximum value, to monetize, really which we accumulate the business assets. Because, well, we believe it's a very good set of assets and a very good… It's profitable. We invested a lot and it's up to the best in the country standards in the United States. But, of course, it's small by size for, how you say, for big potential consolidation in United States. Anyway, but we don't have any pressure to dispose it."

On whether he received an offer from US Steel:

"We are contemplating different options. We hope to build genuine and strong interest from all interested players in the industry.  Of course I'm not prepared to disclose. Too much details… Well, it's a process. So far we are quite optimistic about the interest which we see. But we will see. It's not defined.  In the end, we have good possibilities and good opportunities and good options to stay or to leave, it all depends upon that.

On how much politics figure in to the equation of whether he sells these steel plants:

"Not at all. Not at all."

On whether he feels comfortable doing business in the United States:

"Absolutely…I don't feel any specific pressure or any questions or any inquiries to ask from any authorities in the United States, neither in the United States nor in Russia. We are businesspeople. We are doing classical, normal business to contribute to the wealth, the prosperity of stakeholders, shareholders, management in place. We pay taxes."

On whether there have been consequences for Severstal and his businesses from recent sanctions:

"We don’t feel it yet. To be frank, on specific sites, practically speaking, we don't see any short-term consequences at least yet. Because all functions have a more general rhetoric type political type nature. But what is really remarkable is the diminution of trust. It's definitely very, very important that might have long-term consequences. I hope there are no fundamentals for these sanctions to see forever. I hope that these genuine interests between Europe, United States, Russia, too cooperate which will help remove sanctions."

On whether his 5% stake in the first Russian bank to be sanctioned by the U.S., has caused any problems for him:


On whether the Treasury called him up and asked him to divest that stake:

"Not at all."

On whether he concerned about the demand for steel from the car makers who are shifting to aluminum:

"Yes, it's a concern. For steel industry in general and for our operation in United States and in Russia. Concern of substitutes. It’s a very legitimate question for us because we should be always to stay competitive and should be sustainable. And, to be frank, it's a change, but I hope that steel will have the strength to overcome this challenge, because this challenge of substitutes is evident and actual (inaudible). And steel industry was always able to reinvent itself, to develop quality type of product possible to satisfy our customers.  And I hope we could continue with this, but there is definitely short-term and long-term, other materials are a challenge for us."

Courtesy of Bloomberg Television

Copyright © 2014 Bloomberg - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Bloomberg Archive

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in