Russia-based steelmaking and mining giant Evraz has announced that it has acquired an indirect controlling interest in Raspadskaya Coal Company (Raspadskaya), one of the largest coking coal producers in Russia, and its subsidiaries.
Evraz has become the main shareholder in Raspadskaya by increasing its stake from 42 percent to 82 percent for approximately $800 million in cash.
"The acquisition will increase Evraz's coking coal self-coverage, which is consistent with Evraz's stated strategy of growth in the raw materials for steelmaking." said Evraz CEO Alexander Frolov.
The acquisition is expected to be completed in the fourth quarter of 2012, once all the conditions are satisfied.