Today in Russian Business – June 13, 2008

Earlier this week, the State Duma passed the first reading of amendments to the minimum wage law that raise the minimum wage to the subsistence level, almost doubling the figure. Steel producer and distributor Esmark rejected a $670 million takeover offer from Russia’s Severstal, calling it an inadequate and inferior bid to that of India’s Essar. The Economist reviews the St Petersburg Economic Forum. Operations in Russia and China are damaging profits for the flat-rolled products unit of aluminium producer Alcoa Inc. Mikhail Fridman says MegaFon’s initial public offering will give the mobile phone provider greater opportunities to expand.