Since 2002 Russian metallurgical firms have been investing abroad. Taking advantage of the very positive economic climate in the sector, they settle in peripheral as well as in core countries of the world economy. Russia has upgraded from the 50th to the 24th rank between 1995 and 2004 as far as FDI outward flow is concerned [CNUCED, 2005]. Although the Russian FDI stock is still quite limited if compared to other countries, it is five times greater in 2004 than it was in 2000 [BCR, 2005]. The emergence of Russian transnational corporations is a new step in the post-soviet transformation: after the break-up of the old system and a chaotic moment of reorganization, some firms are now building global strategies of growth. This paper addresses this unexpected outcome of the transition process while giving evidence of the trajectory of the metallurgical branch. However, it also focuses on another point. Why do firms internationalize? The scope of the Russian metallurgical shift, its simultaneity and its quickness represent a great opportunity to discuss different hypotheses suggested by the literature and to try to learn from the transition process on that point. This article puts forward an institutional and systemic perspective on multinational corporations. We focus on three kinds of determinants of the internationalization: dynamics of growth based on the resources of the firm, an advantage seeking behavior in order to improve the firm's position in front of its international competitors and a complex interaction vis-a-vis the Russian political power.
