NLMK Group, a global steel company, and venture capital firm Fort Ross Ventures, a partner of Sberbank, have penned an agreement to cooperate to support innovations.
Under the agreement, Fort Ross Ventures will provide NLMK Group with information on projects related to the Internet of Things, artificial intelligence technologies, cyber-security, cloud technologies, etc., that will enable the company to improve production and business processes.
In turn, NLMK Group plans to test and implement the most successful innovative solutions and technologies at its companies in Russia, Europe and the USA.
Sergey Chebotarev, member of NLMK Group Management Board, said:
“In our search for new ideas, we are developing an “open innovations” format, building partnerships with universities, venture funds and development institutes, gaining access to projects that can boost our performance. We are convinced that NLMK Group's expertise will help maximize the potential of new products and solutions.”
Victor Orlovsky, Fort Ross Ventures Managing Partner, said:
“NLMK Group is one of the most technologically advanced companies in Russia committed to improving its processes, and our venture fund supports startups which can help with this. I am convinced that our cooperation will be beneficial for startups that will gain a reliable partner and a platform for growth, and for NLMK Group that will gain the tools required to tackle complex production challenges.
About Fort Ross Ventures
Fort Ross Ventures is a venture capital firm specializing in early stage startups in the US, Israel and Russia. The firm prefers to invest in the technology sector with a focus on fintech, Cloud, AI, IoT, cyber-security and market places. Fort Ross Ventures manages a fund of more than $300 million. Both Russian and foreign individuals and corporations, including Sberbank, invest in Fort Ross-backed funds. Fort Ross Ventures has partnered up with Sberbank to search for and evaluate startups, as well as to support the launch of their products and services on the Russian market.
See www.fortross.vc for more details.
About NLMK Group
NLMK Group is the largest steelmaker in Russia and one of the most efficient in the world.
NLMK Group’s steel products are used in various industries, from construction and machine building to the manufacturing of power-generation equipment and offshore wind turbines.
NLMK operates production facilities in Russia, Europe and the United States. The Company’s steel production capacity exceeds 17 million tonnes per year.
NLMK has the most competitive cash cost among global manufacturers and one of the highest profitability levels in the industry. In 12M 2018, the Company generated $12 billion in revenue and $3.6 billion in EBITDA. Net debt/EBITDA stood at 0.25х. The Company has investment grade credit ratings from S&P, Moody’s, Fitch and RAEX (Expert RA).
NLMK’s ordinary shares with a 16% free-float are traded on the Moscow Stock Exchange (ticker "NLMK") and its global depositary shares are traded on the London Stock Exchange (ticker "NLMK:LI"). The share capital of the Company is divided into 5,993,227,240 shares with a par value of RUB1. For more details on NLMK shareholder capital please follow the link.
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