Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24
US House Prices Trend Forecast 2024 to 2026 - 11th Oct 24
US Housing Market Analysis - Immigration Drives House Prices Higher - 30th Sep 24
Stock Market October Correction - 30th Sep 24
The Folly of Tariffs and Trade Wars - 30th Sep 24
Gold: 5 principles to help you stay ahead of price turns - 30th Sep 24
The Everything Rally will Spark multi year Bull Market - 30th Sep 24
US FIXED MORTGAGES LIMITING SUPPLY - 23rd Sep 24
US Housing Market Free Equity - 23rd Sep 24
US Rate Cut FOMO In Stock Market Correction Window - 22nd Sep 24
US State Demographics - 22nd Sep 24
Gold and Silver Shine as the Fed Cuts Rates: What’s Next? - 22nd Sep 24
Stock Market Sentiment Speaks:Nothing Can Topple This Market - 22nd Sep 24
US Population Growth Rate - 17th Sep 24
Are Stocks Overheating? - 17th Sep 24
Sentiment Speaks: Silver Is At A Major Turning Point - 17th Sep 24
If The Stock Market Turn Quickly, How Bad Can Things Get? - 17th Sep 24
IMMIGRATION DRIVES HOUSE PRICES HIGHER - 12th Sep 24
Global Debt Bubble - 12th Sep 24
Gold’s Outlook CPI Data - 12th Sep 24

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

Politics

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.


Highlights:

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:

"No"

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

bloomberg.com

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

© 2005-2022 http://www.MarketOracle.co.uk - 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