Moscow, Russia – January 31, 2013 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, reports that Mecheltrans OOO acquired a package of Port Vanino’s shares.
Mecheltrans OOO acquired 21.64% of Vanino Sea Trade Port OAO’s common shares from one of the port’s minor shareholders – a subsidiary of the company En+. The transaction amounted to 4.57 billion rubles.
In line with the transaction’s conditions, the port’s shares became Mecheltrans’s property once the agreement was signed, while payment for the share package is due to be made within 145 days. The transaction will be funded by the investors who financed the acquisition of Port Vanino’s controlling stake, and will thus have no bearing on Mechel Group’s leverage.
Mechel is one of the leading Russian companies. Its business includes four segments: mining, steel, ferroalloy and power. Mechel unites producers of coal, iron ore concentrate, nickel, ferrochrome, ferrosilicon, steel, rolled products, hardware, heat and electric power. Mechel products are marketed domestically and internationally.