Engineered products are somewhat more profitable for the company compared to selling raw metal and its ore.

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The cut was due to declining mining activity globally due to softening of metal and iron-ore prices.

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An even lower-cost group of domestic producers are the mini-mill operators, such as Nucor, which make steel from scrap metal instead of iron ore.

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These are rough estimates, and there is a wide gap between the value of refined metal and the value of buried ore.

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Most of Russia's aluminium plants operate by tolling, meaning that they rent out capacity to third parties, who deliver ore and take back metal.

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These are very rough estimates, and in any event there is of course a wide gap between the value of refined metal and the value of buried ore.

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Whoever bought the final stake had to have delivered 700, 000 tons of iron ore or 400 tons of scrap metal to Zaporizhstal within the last year.

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Investors should expect depressed results, mostly impacted by lower iron ore prices and a lack of contribution from its base metal division, which should remain in the red.

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