The new mill launched by Magnitogorsk Iron & Steel Works (MMK) will enhance the production efficiency of all the Russian car manufacturers, MMK Director for Business Development and Efficiency Management Evgeny Redin announced at the 10th International Metallurgical Summit in Moscow. According to MMK’s top executive, the Russian car market is now winning the leading positions in Europe and has good development potential. One has to take into account the changes in the metal consumption patterns in this industry and the increase in the share of zinc-coated metals and highly durable brands

A claim against OOO Formica was placed with Sverdlovsk Region Arbitration Court by Polygon Print Advertising Group. The plaintiff wants to be paid 546,450 RUR; the company’s Director-General Inna Batalova chose to offer no comment on the reasons for placing the claim. The preliminary court hearing has been set for August 3, 2012. This is, in fact, not the first time Formica is clashing in court with some Yekaterinburg-based businesses. For one, the Governor of Sverdlovsk Region Programs Fund took part in the organization of the exhibition Innoprom 2010. It was this fund that allotted Formica

Adidas is setting up a new format store in Yekaterinburg. The new store will be offering a wide range of brands under one roof: from Adidas Performance (including Adidas by Stella McCartney) to Originals (Including Adidas Originals by Jeremy Scott) to Adidas Style (Porsche Design and NEO). Molly.Ru reports. Each variety will be displayed in a specially designated area. Adidas intends to use this format in large cities where the incomes are high, and only wants the best locations. The new store, whose area comes to over 780 sq m, will be housed in Raduga Park Shopping Center. The preliminary

The shareholders of Polevskoy Cryolite Plant decided to pass the dividend for 2011 because of the net loss incurred last year. The decision was made in the course of the annual general meeting, Interfax-Ural refers to the plant as reporting. The plant’s net loss (calculated in accordance with the Russian Accounting Standards) came to 406.762m RUR in 2011. In fact, the plant paid no share dividend in 2010 as well – also due to losses. The stockholders approved of the annual report, elected the Board of Directors and the check-up committee and appointed Capital Audit Group as the company’s

The shareholder meeting of Pipe Metallurgical Company (TMK) was held in Moscow. The shareholders approved of the company’s annual report and the annual accounting report, including the P & L statement for the financial year 2011; they also elected the company’s Board of Directors and the check-up committee and approved of the desirable transactions. Ernst & Young was chosen as TMK’s auditor. What is more, the shareholders voted for paying a 2.7 RUR dividend per one ordinary share with face value of 10 RUR for the year 2011. The dividend payments will thus total to 2.53bn RUR. TMK

The stockholders of Ural Instrument-Making Plant decided in the course of the annual shareholding meeting on June 22 that the dividend for the year 2011 wouldn’t be distributed, the company’s official announcement states. The net profit obtained by the end of last year will be directed to compensation of previous years’ losses, Interfax-Ural reports.