Severstal, Evraz Beat China as Putin Drives Growth
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OAO Severstal and Evraz Group SA, Russia’s top two steelmakers, are outperforming their largest competitors in Asia and Europe as a drive by Prime Minister Vladimir Putin to expand manufacturing boosts domestic demand for car parts, rail track and pipelines.
Severstal opened two plants near Moscow in the third quarter to supply automakers including Peugeot SA and Volkswagen AG, who are setting up assembly lines in Russia as sales rise. The steelmaker’s shares have soared 80 percent in Moscow trading this year, compared with a 42 percent slump for Hebei Iron & Steel Co., the listed unit of China’s biggest producer.