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.