Mechel to Sell Stake in Vanino Sea Tr...

Mechel to Sell Stake in Vanino Sea Trade Port OAO

Posted in the Orcas Forum

Since: Sep 13

Henderson, NV

#1 Oct 29, 2013
(CRWE Press Release)Ė Mechel OAO (NYSE:MTL), one of the leading Russian mining and metals companies, reports the sale of a 28-percent share in Vanino Sea Trade Port OAOís equity capital.

Mechel Group, as represented by Mecheltrans OOO, sold some 28% of the portís equity capital to an outside investor, retaining a minor share package for itself. The transaction amounted to 5.04 billion rubles (approximately 158.43 million US dollars*).

Earlier the company closed the deal on acquiring this package from the company En+, which deal was announced on January 31, 2013. The deal with En+ was fully funded by the aforementioned investor and thus had no bearing on Mechel Groupís leverage.

The consortium of investors is not interested in transhipping their products through Port Vanino, which will enable Mechel to use the portís entire capacity in the companyís interests.

Access to Port Vaninoís transhipment capacities significantly enhances Mechelís export potential in Asia and the Pacific and ensures guaranteed sales volumes for the Groupís coal products, taking into account the Elga deposit development.

Full press release at http://crwepressrelease.com/1351/news-by-coun...

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