Russian mining and steel group Mechel has announced that it has acquired 55 percent (73.33 percent of common shares) of Vanino Sea Trade Port. The acquisition was made in line with the company’s strategy of developing its mining division in a bid to expand its export capacities and reduce transport costs amid planned increases in coal mining volumes. The sum of the transaction totaled some RUB 15.5 billion ($511.5 million).
Vanino is the largest transport hub in Russia’s Khabarovsk region and one of Russia’s 10 largest ports. Its cargo turnover in 2012 totalled some 6 million mt. Using its capacities will enable Mechel to consolidate its position as one of the world’s largest producers of metallurgical coals and to significantly expand its customer base.