Mechel Steel protests against investigation
Russian steel producer
Mechel Steel Group has recently announced that subdivision of the Ministry of Internal Affairs has conducted an investigation in one of its units to prevent
Mechel's participation in the auction that will be held for privatization of Magnitogorsk Iron and Steel Works (
MMK).
Mechel has strictly protested the actions against the company and announced that it conducts its business in line with legal laws.
As previously reported by SteelOrbis, 23.8% stake in
MMK will be sold in an auction that will be held on December 22, 2004.
Mechel currently has 17% stake in
MMK. The starting price of the auction has been determined as $790 million.