Mechel increases stake in Romanian Mechel Targoviste

Mechel increases stake in Romanian Mechel Targoviste

Russian steel producer Mechel increased its stake in Romanian steel firm Mechel Targoviste SA from 81.5 percent to 83.66 percent. Mechel indicated that it bought $5.9 million worth of Targoviste's additionally issued shares as part of its investment agreement with the Romanian government. Mechel is a mid-size Russian steel company with a strong position in the raw materials business.