OREANDA-NEWSThe Novolipetsk Metallurgical Plant (NLMK) of Vladimir Lisin and Severstal Alexei Mordashov bypassed capitalization of the world's largest steel company ArcelorMittal. NLMK's capitalization reached $ 9.33 billion on the London Stock Exchange (an increase of 7.7%), and Severstal reached $ 9.27 billion (+6.7%, data as of 13:00 Moscow time). ArcelorMittal on the Euronext exchange at the same time cost € 7.99, or $ 8.97 billion (+5.7%).

The coronavirus epidemic that began in February led to a drop in ArcelorMittal quotes by more than half since the beginning of the year. The company, headquartered in Luxembourg, has eight factories in Italy, where 1,016 patients have died from COVID-19 complications, and a half-year emergency regimen has been introduced since January 31.

ArcelorMittal, which produced 89.8 million tonnes of steel in 2019 and received $ 70.6 billion in revenue, warned investors that the epidemic could possibly cause serious damage in terms of profitability and sales. Meanwhile, quotes of Russian companies are growing on the stock exchange: amid the weakening ruble, their costs will be reduced, and export profitability will increase.