Expensive Russian steel

Russian metallurgists have grown rich by more than $1 billion in half a day.
Origin source
The growth of the fortune of Russian billionaires was facilitated by the revival of the Chinese economy, which spurred the growth of prices for resources.

The five wealthiest beneficiaries of Russian metallurgical companies have grown by less than $ 1.1 billion in less than a day. Forbes estimates this. According to Forbes, the state of the owner of Sevastrali Alexei Mordashov increased by $ 243 million on August 31 to $ 18.2 billion. This allowed him to re-occupy the first line in Forbes Real Time.

The main owner of the Novolipetsk Steel Mill Vladimir Lisin, who is now on the second line of the rating, has grown rich by $ 282 million for the day, to $ 17.3 billion, and Roman Abramovich, who owns almost a third of Evraz's shares, by $ 105 million (up to $ 9.7 billion). The state of Viktor Rashnikov, who owns almost 90% of the Magnitogorsk Iron and Steel Works (MMK), increased $ 286 million, to $ 8.4 billion.

The growth of the well-being of metallurgists is explained by the growth of the shares of the companies they own. The shares of Sevastrali have risen in price since the beginning of the day by 2.5%, from 892 to 917 rubles per share, NLMK shares by 2%, from 134 to 137 rubles per share, Evraz shares by 6.5%, from 320 to 338 pence, and MMK shares - by 2.5%, from 39.2 to 40.4 rubles.

However, the growth is demonstrated not only by ferrous metallurgy, but also by color. Shares of MMC Norilsk Nickel, the largest producer of nickel and palladium in the world, rose by almost 3% on August 31, from 9,483 rubles to 9,779 rubles apiece, while Vladimir Potanin's state, which owns 30.41% of the company's shares, increased by $ 233 million (up to $ 14.4 billion). In total, five billionaires got rich at $ 1.149 billion.

The main reason for the growth in the company's shares was the growth of prices for metallurgical raw materials, namely coking coal and iron ore, which is observed in world markets, explained Vladimir Forodas, Head of Investment Department of Raiffeisen Capital Vladimir Vedeneev. "In addition, data on the Chinese economy indicate a certain revival, and this also provokes an increase in demand for commodities globally and steel in particular," he stressed.