Putin Asks Russia’s Richest Man About Steel, Port Investments

Russian Prime Minister Vladimir Putin met with OAO Novolipetsk Steel Chairman Vladimir Lisin today and asked him about steel and port projects that the company’s investing in, according to the government.

Lisin, Russia’s richest man according to Forbes magazine, told Putin that Novolipetsk will spend $1.5 billion building a new blast furnace at Lipetsk, in central Russia, according to a report on the government’s website.

The company is also building a mini steel mill in Kaluga that will process scrap from across the Moscow region and produce steel for construction, Lisin told the prime minister.

These two projects will help Novolipetsk boost steel output by as much as 40 percent, Lisin said, according to the report.

Lisin, who also has interests in transportation, has this year built a grain terminal in the southern Russian port of Tuapse, he told Putin. At another port in St. Petersburg, container and automobile terminals were built, he said.

To contact the reporters on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: Amanda Jordan at ajordan11@bloomberg.net

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