Copying and distributing are prohibited without permission of the publisher

Midland buys Red October works in Volgograd

October 27, 2003 - 18:10 GMT Location:

London

Midland Resources Holding Ltd, the Guernsey-registered steel trader and mill owner, announced on October 27 that it has acquired 100 percent of a long products plant in Russia, Volgograd Steel Works (Red October).

The Red October works suffered a large drop in its production during the 1990s as the local auto industry declined. But as a long products mill, Volgograd holds potential in the increasingly tight international billet market.

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

Please log in using your online subscriber details.
Your username will be your registered email address with Metal Bulletin.

If you aren't a subscriber yet, feel free to take a seven day free trial, or subscribe using the instructions below.

A standard subscription include one year's worth of news and prices. You can also upgrade to the full archive and benefit from more than 13 years of intelligence. Start your subscription today.

Free trial

Taking a free trial will give you open access to Metal Bulletin online news, prices, archived content and email alert service for the next seven days. Start your free trial today.

Free trial

Already have an account?

Carbon Steel Long Products

May 23, 2012 17:33 Rebar export prices in S Europe hold steady for second week
May 23, 2012 17:28 LME BILLET REPORT: Officials creep up, stocks hold steady
May 23, 2012 17:20 Euro concerns hurt Turkey's billet export prices
May 23, 2012 17:10 Turkish rebar export prices follow billet down
May 23, 2012 11:10 CHINA STEEL WRAP: Rebar prices at seven-month low

Comment & analysis

EXPERT VIEW FROM ERNST & YOUNG: Horror week favours the brave

Seven days is a long time in the investment world, but last week must have felt longer than most.
COMMENT: When super-cycle poster child BHP Billiton trims its plans...

BHP Billiton is one of the poster children for the commodities super-cycle: a mining company whose immense upstream assets in copper and iron ore have fed the industrialisation of China since the early years of the 21st century and enabled it to return $52 billion to shareholders between 2001 and 2011.
LORD COPPER: There is nothing to fear after JP Morgan loss ...

So, here we go again. Another bank, another huge trade gone bad. This one doesn’t even appear to have been a case of rogue trading; a whole desk seems to have been operating with the full knowledge of the management and/or risk committee.