Mechel Steel acquires 25% stake in Yakutugol

Mechel Steel acquires 25% stake in Yakutugol

A statement released by Russian steel producer Mechel Steel discloses that the company won the auction held for the sale of ordinary shares of Open Joint Stock Holding Company Yakutugol. Mechel, through its subsidiary Littel Echo Invest Corp, acquired a 25%+1 stake of Yakutugol's charter capital for $411 million. Mechel's subsidiary purchased the shares from the Ministry of Property of the Republic of Sakha. Yakutugol's annual coking coal output is 9 million tons, and the coal reserves of the company are approximately 300 million tons. Yakutugol sells most of its output to Asian Pacific countries, such as Japan, South Korea and Taiwan.