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Russia's Mechel offers for sale Romanian ops

Sep 26, 2012, 1:55:14 PMArticle by Kristina Belkina
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September 26 (SeeNews) - Russian steel producer Mechel said it plans to dispose of its Eastern European Steel Division SRL, a subsidiary operating for company's units in Romania.

Russia's Mechel offers for sale Romanian ops

Mechel entered the Romanian market in 2002. It owns local metallurgical companies Mechel Campia Turzii, Mechel Targoviste, Ductil Steel Buzau, Ductil Steel Otelu Rosu, Laminorul and a reparation company Mechel Reparatii Targoviste.

On Wednesday, Russian daily Kommersant (www.kommersant.ru) reported that the Romanian operations are offered for sale for $150 million (117 million euro).

The selling price of Mechel Targoviste and Mechel Campia Turzii was set at $46 million and $33 million, respectively, the daily said.

The step is part of a restructuring programme aimed at improving the company’s financial performance and boosting its shareholder value, Mechel said in a statement on its website on Tuesday.

The decision was adopted by the company’s board of directors at a meeting on September 21.

($=0.7774 euro)

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