Arcelor Mittal comes back to Russia
Shortly after selling its last properties in Russia, Arcelor Mittal, the world’s largest steel company, is returning to Russia. It is interested in Yakutian coal assets, which will be auctioned off on October 5 - according to daily Kommersant.
Arcelor Mittal will have to find a Russian partner or establish its own structure in Russia to take part in the tender, however. The Yakutian government confirms that the law firm of Baker & MacKenzie is preparing documents for the tender on the behalf of Arcelor Mittal. In a single lot, 68.68% of OAO Elgaugol, 75% minus one share in OAO Yakutugol and the 320 km-long unfinished Ulak-Elga rail line will be auctioned off with a starting price of 47.396 billion rubles.
Arcelor Mittal controls 10% of the world steel market. Its receipts in 2006 totaled $88 billion and profits $14 billion. The company recently withdrew from two joint projects with Severstal in Russia. It is represented in Ukraine with OAO Mittal Steel Krivoi Rog and in Kazakhstan with Mittal Steel Temirtau. The company currently has no coal assets, but it applied for a license for a coal deposit in India in August. (kommersant.com)
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