MOSCOW, October 10 (RIA Novosti)
Russian leading steel producer Severstal's CEO Alexey Mordashov has been elected the new chairman of the World Steel Association (Worldsteel) board of directors, Severstal said on Wednesday.
“The Board of Worldsteel met on the first day of its 46th annual conference in New Delhi, India and confirmed that Mr. Mordashov will assume his new role from Friday 12th October, 2012 for a period of one year. For the first time in Worldsteel's history the head of a Russian-based company chairs the board of the Association,” Severstal said in a statement.
With some 70,000 employees and assets in Russia, the U.S., Ukraine, Latvia, Poland, Italy and Liberia, and investments in Brazil, Severstal is one of the world’s leading vertically integrated steel and steel related mining companies. Severstal is listed on the MICEX/RTS and its GDRs are traded on the LSE.
“This appointment recognizes Severstal’s and Russian steel companies' growing role in the Association as well as in the global steel industry,” Mordashov said.
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The growing outright rivalry between the United States and China gives Russia more foreign policy weight, enabling it to assume the role of a balancer. So far it has been doing so rather skillfully. Today it may participate in a joint naval exercise with China that Beijing positions as outwardly anti-American. But tomorrow it can team up with the naval forces of the Old World.