Russian steel mills strike it rich after rouble's collapse

Moscow

THE collapse of the rouble, which has pushed up prices for millions of Russians as the economy slides into recession, hasn't been bad for everyone. The country's steel mills are suddenly world beaters.

Producers including PAO Severstal and OAO Novolipetsk Steel pay wages and other costs, including transportation, in roubles while earning US dollars or euros for exported steel. That's allowing them to undercut rivals like ArcelorMittal, the world's largest steelmaker, while maintaining profitability.