"Rosoboroneksport" draws Magnitogorsk. The largest in Russia metkombinat has interested the exporter of arms

29 August 2007

In sphere of interests FGUP "Rosoboroneksport" which in February has started to build holding on release spetsstalej, the largest has got in Russia Magnitogorsk metkombinat (MMK). Officially the state intermediary on export of arms while speaks only about "cooperation" and " an opportunity of the private-state partnership " with MMK, letting out armored steel. But sources specify, that the combine can pass under the control "Russpetsstali" on the basis of which FGUP builds holding. Analysts consider, that it will sharply worsen image MMK which actions bargain in Russia and London, in opinion of investors.

As has told a source in "Rosoboroneksporte", MMK enters into the list of the Russian metallurgical enterprises which let out spetsstali and should pass under the control of Joint-Stock Company " Russpetsstal ". On the basis of this company FGUP in Februa ry has begun construction of new holding spetsstalej (see from February, 9th). According to interlocutor , it was a question of purchase of large share holding MMK. Preliminary consultations of shareholders of combine, according to source , took place still up to April IPO MMK but then to agree it was not possible.

Yesterday the management "Rosoboroneksporta" has confirmed interest to MMK. As Alexey Alyoshin, MMK, as well as already entered in "Russpetsstal" has explained zamgendirektora FGUP a fact ory " Red October ", does armored steel. " On ' Red October ' we do an armored leaf and would be interested in that MMK under our programs has involved a part of the capacities that on them something to complete ", - mister Alyoshin has told. For example, as he said, " 70 % of armored steel do ' Red October ', and Magnitogorsk " could complete 30 %. Top-manager has emphasized, that among Russian metzavodov only MMK can roll the reservation thickness of 100-150 mm.

But, Alexey Alyoshin has specified, disc ussion of purchase MMK " could be, probably estimation of a situation stated by someone ". " The partnership absolutely not necessarily means purchase, - speaks top-menedzher. - We are interested in forming attitudes with MMK in this or that form of coope ation ". Nevertheless Alexey Alyoshin has not excluded, that one of forms of cooperation can be the private-state partnership though " while specific proposals it was not discussed ".

The general director "Russpetsstali" Sergey Nosov (it has worked on MM with 1983 for 1998 and, in particular, headed konverternyj shop where armored steel now is sucelted and spreads) has confirmed , that the armored leaf of the certain specification really lets out only MMK, but has refused to discuss an opportunity of oc urrence of combine in holding " Rosoboroneksporta ".

MMK in 2006 has made 12,45 million tons of steel and 12,05 million tons of hire. The proceeds on US GAAP have made $6,42 billion, net profit - $1,43 billion 87 % of actions chairman of board of directo rs Victor Rashnikov, free float supervises 13 %, papers bargain at stock exchanges in London and Russia. Capitalization in RTS has made $11,2 billion

Joint-Stock Company " Russpetsstal " is registered on July, 28th, 2006. Its unique active is the factory " Red October " with manufacture of steel in 750 thousand tons and proceeds in $500 million 25 % a minus one action in "Russpetsstali" belongs to the co-owner of " Red October " to Edward Shifrin, "Rosoboroneksport" through Joint-Stock Company " promimpe s " 25,3 % of actions of Joint-Stock Company own.

Representatives MMK have refused to make comments on offers "Rosoboroneksporta". But they have surprised participants of metallurgical branch. One of metallurgists has explained , that MMK " and without partnership with FGUP " lets out the reservation on gosoboronzakazu. But have not surprised Alexey Alyoshin's word Russian oboronshchikov. One of them has told, that just with performance gosoboronzakaza metallurgists have difficulties. " The share gosobo zakaza in total amount of metallurgical manufacture is very small, therefore the cost price of steel for oboronki is very high. To metallurgists to do this steel it is unprofitable ", - interlocutor .On has explained is assured, that in case of with MMK i t is a question of purchase of a share for coordination of manufacture of the reservation. " It has occured with ' vsmpo-avismoj ' ", - speaks oboronshchik. In the autumn of last year FGUP with significant discount to a market price has redeemed 66 % of t world's largest manufacturer of the titan at chairman of board of directors Vyacheslav Breshta and the general director of the enterprise Vladislav Tetjuhina.

Analysts doubt, that "Rosoboroneksportu" it will be possible to be a part of shareholders MMK. Cyril Chujko from "Uralsiba" is assured, that " MMK is very much a greater fish that ' Rosoboroneksport ' could swallow it ". The analyst has reminded, that in a zone of interests "Rosoboroneksporta" was also Igor Zyuzin's Open Society " Mechel ", but the last managed to refuse to enter the offer into the private-state partnership with "Russpetsstalju" (it general director FGUPa Sergey Chemezov - see from June, 22nd has officially recognized). At MMK, Cyril Chujko speaks, " not less strong lobby ". Till now the owner of combine to Victor Rashnikovu managed to evade from transactions with "Gazmetallom" Alisher Usmanov and with EvrazGroup. Participants of the market tell, that Victor Rashnikova's independence in many respects leans on support of the chapte r of Minpromenergo Victor Khristenko though official acknowledgement it to find it is not possible.

portfelnyj operating Prosperity Capital Management Ivan Mazalov considers, that occurrence FGUPa in share capital MMK will cause to the company direct da mage. " The increase in a role of the state in economy is a negative phenomenon. The private companies cope more effectively, state companies are less interesting to investors ", - the expert marks. In its opinion, the company with state participation dev elop more slowly, at them operational results and dynamics of quotations are worse.

Cyril Chujko considers, that the most probable script would be creation of the joint venture with "Russpetsstalju" in which MMK will bring capacities on manufacture of th reservation. Volumes of manufacture of armored steel are the state secret. As metallurgists and oboronshchiki have told , some tens thousand tons of this steel are annually made, from them 1-1,5 thousand tons goes on manufacture bronetehniki, the rest - planes and the ships. The ton of the reservation costs $1-1,5 thousand That is volume of incomes of it at MMK is insignificant - $2-5 million, and, Cyril Chujko speaks, the combine will give this business "Russpetsstali" more likely, rather than will sta t up "Rosoboroneksport" in the share capital.

Source: http://www.metcoal.ru/news_eng.asp?action=item&id=9409