We keep investing in production while still introducing new principles into the way the enterprise’s budget is structured,’ the Director-General of Magnitogorsk Iron & Steel Works (MMK) Boris Dubrovsky said in his interview to Magnitogorsky Metall. We couldn’t make do without borrowed funds when MMK invested considerable amounts of money in the construction of new production facilities; this is a practice adopted everywhere around the world. Now our task is to reduce the debt burden, so the budget for 2012 is expected to come out deficit-free and well-balanced,’ he noted.

RBC.Rating came up with a rating of Russia’s largest banks in the first half of 2011. Russia’s five hundred banks were ranked on the basis of the following: the volume of their net and liquid assets, their lending portfolio, volume of loans offered to private individuals and legal entities, and outside funds. VUZ-Bank was one of the country’s Top100 banks as usual and was given the 89th position on the list. The rating’s other performance indicators demonstrate the bank’s stable financial development as well. In terms of its lending portfolio, VUZ-Bank is one of Russia’s Top200 banks. It is

Pipe Metallurgical Company (TMK) announced its intermediary consolidated performance results for the first half of 2011, that is, through June 30, 2011. The performance report was drawn up in accordance with the International Accounting Standards (IAS). The company’s press service reports that its revenues increased by 38% in comparison with the year earlier and amounted to $3,547m mainly due to growing prices and improvements in the range of produce on offer. 57% of accumulated revenues came from the sales of weldless pipes – the company’s key product.

The Ukrainian Consulate-General for Siberia and the Urals is going to relocate from Tyumen to Yekaterinburg; this proposal was approved by Russia’s Ministry of Foreign Affairs, Yekaterinburg City Council’s press service reports. The Russian Federation Government is currently preparing a provision on the relocation of the diplomatic representation. Director of the Ukrainian Foreign Affairs Ministry’s Press Department Oleg Voloshin explained that, in addition to interacting with the local Ukrainians, Yekaterinburg consulate will mainly deal in economic issues, since the consulate’s new location

Inter RAO UES admitted to plans of leaving Enel OGK-5 before the end of 2011, RBC reports. According to the company’s Chairman of the Supervisory Board Boris Kovalchuk, the negotiations to this extent are now under way and are going smoothly so far. We have our authority because of our controlling shareholding, and Enel OGK-5 understands that the affairs cannot be left in their present state,’ Mr. Kovalchuk said. Now Enel OGK-5 runs Sredneuralskaya and Reftinskaya power stations in Sverdlovsk Region.

The rating agency Standard & Poor's reconsidered the rating outlook of Russia-based Home Credit & Finance Bank, moving it from Stable to Positive. The bank’s earlier В+/В long- and short-term credit ratings were also affirmed but then called off upon the bank’s request. Promoting the rating outlook to Positive means we expect Home Credit & Finance Bank to keep up with its sufficient operational profitability performance thanks to improved solvency and a level-headed approach to setting up reserves; we also expect it successfully to refinance its loans on the capital markets,’