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Big guns - key plants change ownership as RusSpetsStal files for bankruptcy

August 30, 2010 - 00:00 GMT

MB special report - Steel company with vital national assets comes under spotlight

On August 13 RusSpetsStal filed for bankruptcy at the Moscow arbitration court. In the preceding months a string of the company’s creditors, including Gazprombank and state-supported Vneshtorgbank (VTB), had initiated insolvency proceedings against it. But the company placed into receivership was just a shell. In a deft manoeuvre, ownership of RusSpetsStal’s key assets had been transferred to another government-controlled holding company, sources with knowledge of the situation told MB. RusSpetsStal wasn’t just any steel company, you see. The firm’s specialty steelmaking facilities are vital national assets. The company was established in 2006 by government-owned trading company RosOboronExport, which also owns automobile manufacturer Avtovaz and aerospace holding company and helicopter producer Oboronprom. Guernsey-registered Midland Group, owned by private investors...

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