|Bid||924.60 x 90000|
|Ask||0.00 x 270000|
|Day's Range||922.20 - 933.60|
|52 Week Range||862.20 - 1,121.60|
|Beta (5Y Monthly)||1.09|
|PE Ratio (TTM)||444.95|
|Earnings Date||Apr 21, 2020 - Apr 27, 2020|
|Forward Dividend & Yield||115.88 (12.49%)|
|Ex-Dividend Date||Jun 15, 2020|
|1y Target Est||16.59|
(Bloomberg) -- Billionaire Alexey Mordashov built his fortune churning out tons and tons of commodity-grade steel. Now, Russia’s fifth-richest man is preparing for a world that wants more technologically advanced building materials.To keep Severstal PJSC at the cutting edge of the sector, Mordashov’s steelmaker started a venture fund that invests in startups focused on anything from steel coatings to robots. Severstal Ventures will also consider materials such as concrete and wood, and this month it invested in Airborne, a Dutch company developing composites used in airplanes, ships and construction.After evaluating about 5,000 projects, Severstal Ventures invested about $20 million in startups last year. The focus on new technologies, including carbon-free steelmaking, is part of a plan intended to ensure it remains one of the most profitable companies in the industry.“We need to move toward offering new solutions for the clients and not only on the basis of the steel,” Mordashov said in an interview near Moscow.Severstal will have a seat on Airborne’s board, said Andrey Laptev, director of the fund.In the case of Arcanum Alloys, Severstal plans to license the technology in Russia and is already conducting tests in Cherepovets, he said.\--With assistance from Ilya Khrennikov.To contact the reporter on this story: Yuliya Fedorinova in Moscow at email@example.comTo contact the editors responsible for this story: Lynn Thomasson at firstname.lastname@example.org, Dylan GriffithsFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Severstal, Russia's third-largest steelmaker, has invested in Arcanum Alloys, a Michigan-headquartered company that develops new steel-based alloys, to obtain technology which will allow it to tap Russian demand for stainless steel. Russia exports some steel products but has to rely on imports of stainless steel to cover the bulk of its domestic needs of about 370,000 tonnes worth about $700 million a year.