Bloomberg News

Richest Russian Lisin Sees No Domestic Blue Chips Worth Buying

October 04, 2011

Oct. 4 (Bloomberg) -- OAO Novolipetsk Steel billionaire Vladimir Lisin, Russia’s richest man, said none of the country’s biggest stocks are good investments at the moment because of uncertainty in global markets.

“I don’t think there’s a blue chip” worth the risk at the moment, Lisin told reporters in Moscow today.

The current global economic slump will be “softer” than the one that started in 2008, said Lisin, whose fortune Forbes magazine estimates at $24 billion.

Capital flight is increasing and raising funds is becoming a bigger challenge for companies, Lisin said.

Novolipetsk, or NLMK, fell 6.7 percent to 61.40 rubles at 1:46 p.m. in Moscow, the second-biggest loser in the Micex Index of 30 stocks.

--Editors: Brad Cook, Paul Abelsky.

To contact the reporter on this story: Ekaterina Shatalova in Moscow at eshatalova@bloomberg.net

To contact the editor responsible for this story: Mark Sweetman at msweetman@bloomberg.net


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