Mechel may sell 25% of its mining arm

摘要

Russian miner and steelmaker Mechel said Tuesday it is considering divesting a minority stake not exceeding 25% in Mechel Mining OAO to a strategic partner to help speed development of its Siberia-based Elga coking coal deposit. Mechel's board of directors also approved several unit divestments in ferroalloys and steel sectors, restructuring assets to boost the company's financial performance. Elga is set to produce 8 million mt/year of washed saleable coking coal concentrate, making the massive project a source of interest to coal users and trading houses in Japan and elsewhere in East Asia.