‘The damage done by the fire at the Metallurgical Industrial Complex of Magnitogorsk might exceed $100m, with $90m needed for the shop restoration,’ the analyst of FINAM Investment Company Denis Gorin said to UrBC representative.

‘Besides, in order to meet its business liabilities, the complex will most likely have to buy some cold-rolled sheets from the other producers, which requires up to $10m monthly (and it will take about one and a half months to restore the sheet-rolling shop).

‘This week, the company’s shares have dropped in price by 1.79% at Moscow Interbank Currency Exchange; yet one should keep in mind that these shares never had great liquidity in the first place, very few of them are offered publicly, and the main stockholders are actually portfolio investors who are not going to panic because of a short-term problem,’ Mr Gorin said.

The fire broke out at the sheet-rolling shop of the Complex in the evening of November 28, 2006, resulting in the 5,400-square-meter roof and metalwork failure. Eight people were killed, with eight more injured to different extents. The rescue team is still busy clearing everything up; the committee of inquiry and an ad hoc committee are currently investigating the cause of the accident and assessing the final damage.