Nornickel Invests in Russian Steelmaker to Boost Local Sales

MMC Norilsk Nickel PJSC is investing in a Russian stainless steel company in a bid to find domestic users of its metal as the fallout of Moscow’s invasion Ukraine hurts some of its exports.

Nornickel, as the world’s top refined nickel producer is known, has become a participant in the holding company of Russian Stainless Co. — which is building a 500,000 tons-a-year stainless steel plant in the Volgograd region — Nornickel said in a statement. It didn’t elaborate on the size of any stake or provide financial details.

Stainless steel producers are one of the main users of ...