Rus News Journal

Coal sawn-off shotgun

Attempt of the largest world steelmaking company Arcelor Mittal to become the large player of the Russian coal market has failed. The company have not admitted to auction under state actions JAkutuglja and Elgauglja . As a result of their the new owner became Open Society a Mechel . It has won auctions ALROSA, having lifted cost of actives on 22 % above the starting price - to $2,3 billion
Yesterday in Moscow has passed open auction on sale of 68,86 % of actions of Open Society Elgaugol and 75 % a minus one action of Open Society HK ` Jakutugol ` . Demands were submitted by three applicants: a Mechel - Invest Kolorprofil from Arcelor Mittal and the Yakut coal company from ALROSA. A number of the sources close to the auctions, have been assured that last will agree about partnership with Arcelor Mittal. But it has not occurred. Moreover, before the beginning of auction the Russian Federal Property Fund commission has refused Arcelor Mittal participation without assigning any reasons. As a result the basic struggle was developed between a Mechel and the Yakut coal company. The starting price of auction has made $1,84 billion Auctions 30 minutes proceeded and have come to the end through 108 steps on $2,3 mlrd, having exceeded the starting price for 22 %.

Representative Arcelor Mittal Jean Lazar has declared that the company it is surprised by that has not been admitted to the auctions, and waits for an explanation of the reasons . Yesterday it has not been given, at least publicly. The basic owner of Open Society a Mechel Igor Zyuzin who has personally come on auction, has refused to discuss a victory. But the chief executive a Mechel Alexey Ivanushkin has informed that the company will list means to sellers of coal actives within a month and it will be both own, and proceeds of credit . Interfax referring to not named source in bank circles has specified that a Mechel Involves for transaction payment the syndicated credit for $2 mlrd by which organizers are appointed ABN Amro and BNP Paribas.