Russian port manoeuvres

摘要

Russia's third largest steel maker Novolipetsk Metallurgical Works (NLMK) is reportedly about to exchange part of its 69.4 per cent stake in the country's largest coal port on the Black Sea,Tuapse, in exchange for shares in two leading national coal miners, Altai Coke (AK) and ProkopievskUgol (PU), both controlled by Kuz-bassRazrezUgol (KRU). Tuapse is the second largest outlet for Russian coal in the Black Sea, with the Ukranian port of Yuzhny handling greater Russian coal traffic. However, given the rapidly deteriorating relationship between the two countries, particularly regarding gas sales and transit fees, this may not always be the case.