Mechel Steel may increase its stake in MMK
According to recent news in the market, Russian steel producer
Mechel Steel has received approval of
Russia's Federal Anti-Monopoly Service regarding its plan to increase its stake in OAO Magnitogorsk Metal Works (
MMK).
Mechel Steel currently has 16% stake in
MMK. It is stated that an auction will be held to sell 17.8% stake in
MMK this year.
Mechel wants to increase its share over 20%.
MMK meets 20% of
Russia's total rolled metal output.