Mechel increases its stake in Izhstal

Mechel increases its stake in Izhstal

Following the tender held on Friday, Russian steel producer Mechel increased its stake in Izhstal OAO from 62.36% to 87.35%. Mechel will pay $15.7 million for the 24.99% stake. Mechel officials stated that the stake increase will allow the company to increase the competitiveness of Izhstal products. In fact Mechel has already implemented a number of projects to improve Izhstal products.