BOD Chairman of Magnitogorsk Iron & Steel Works (MMK) Viktor Rashnikov adopted a plan aimed at improving MMK Group’s management. In order to do away with excess managerial positions, to cut down on the number of administration levels, to spend less on the Group’s management, and to make this management more efficient, MMK decided to set up Administrations that will replace the earlier Directorates streamed along various production and organizational activities. The only old positions to survive are those of the Managing Director, the Commercial Director, the Sales Director, and the

UniCredit Bank Austria AG announced it was going to acquire 10.72% of Concern Kalina’s shares. This is the first time the bank is to buy a holding in the concern’s authorized capital.

‘With the exception of Academic district, not a single housing construction project has been started in Yekaterinburg this year. This is also true of business centers, and, to be frank, I don’t think the building outputs will go back to ante-recession level or even keep up with this year’s figures,’ Chairman of Aston Construction Company Vyacheslav Trapeznikov said at a round table discussion coordinated by Ural Real Estate Chamber. ‘Most housing developers are now busy finishing their earlier projects. We ‘forced’ the banks to offer us additional loans to complete the construction of

Koltsovo Airport of Yekaterinburg had been refusing some airlines ground handling and airport services with no good reason for doing so, Moscow District Federal Arbitration Court ruled on October 12, 2009. This ruling supported the earlier verdict of the Federal Antimonopoly Service. The Service declared on September 19, 2008 that Koltsovo Airport had violated Article 10 of the Federal Competition Protection Act by abusing its dominant position on the market. The airport was accused of refusing to sign ground handling and airport services agreements with a number of airlines. As Koltsovo is a

The Supreme Court of Italy decided to extradite Bank24.ru former BOD member Alexei Kalinichenko to Russia. The man is suspected of large-scale fraud, the spokesperson for Ural Federal District’s division of the Ministry of Internal Affairs reports. The exact date of the extradition has not been announced yet. Kalinichenko is accused of setting up a financial pyramid scheme and of stealing over 100 million RUR from his investors. His charge (large-scale fraud) is based on Article 159 (part 4) of the Russian Federation Criminal Code. The former bank executive’s business activity involved

Pipe Metallurgical Company (TMK)’s shipment output dropped by 21% in January-August 2009 against January-August 2008 due to plummeting market demand in the first half of the year, the spokesperson for TMK says. Nevertheless, the company delivered 716,000 tons of steel pipes to consumers in the third quarter of 2009, which actually exceeded the figures for a year earlier by 15%. This decrease in shipments had to do with the gradually recovering demand for tubes and pipes as well as with the company winning a larger share of the market.