Jay Hancock's blog: Mordashov loses $17 billion as Severstal stock dives - Business news: Stock markets, banks and economic observations with columnist Jay Hancock

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October 29, 2008

Mordashov loses $17 billion as Severstal stock dives

Alexey Mordashov, owner of Severstal Steel and Baltimore's Sparrows Point steel mill, has lost $16.6 billion in Russia's stock market crash, reports Smart Money magazine via a Russian daily. Severstal shares have fallen more than 80 percent.

Even so, Mordashov was quoted recently as saying: "We believe that we should continue investing in the United States. Total investment will hit around USD 6 billion by the end of next year.”

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About Jay Hancock

Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Tuesdays and Sundays.

Follow @jayhancock1 on Twitter