Today in Russian Business

Russia’s fast-growing steel pipe industry “is in danger of overheating” as the country’s biggest producers build more capacity than required to meet demand for oil and gas pipelines. Miner and steel maker Severstal will invest $140 million upgrading its Arctic coal mines this year, 4% more than last year. Kuwait “is determined to widen the scope of its economic relations with Russia”, said Kuwait’s ambassador to the Russian Federation. Da Vinci Capital Management, founded by former Renaissance Capital banker Oleg Jelezko, plans to list its fund investing in ex-Soviet states in London in March this year to raise up to $200 million. Russia and Algeria have pledged “greater cooperation on energy and railroads.” Telecoms provider Effortel Russia has unveiled plans to spend $850 million over five years on a package of high-end services. Baltika Breweries, Russia’s largest beer company, said profit climbed 21% last year.