2012.07.02 | Russia’s Mechel to earmark assets to be sold by year-endRussia’s mining and metals group Mechel plans to complete an audit of its assets and decide which of them to sell by October–December, CEO Yevgeny Mikhel said during a conference call late on Wednesday.
“There is an opinion on a number of assets, which we believe may be sold,” Mikhel said. “The decision will be considered at the meeting of the board of directors.”
Mechel wants to sell non-core and unprofitable assets to finance debt repayment. Mechel deems assets necessary for the development of mining, and steel assets its core and most promising business.
As of March 31, the company’s total debt amounted to $9.6 billion, including $9.2 billion net debt, as compared to $9.9 billion and $9.3 billion as of December 31, 2011, respectively.
Mechel comprises producers of steel, rolled products, hardware, coal, iron ore concentrate, and nickel.
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