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ArcelorMittal to leave Russia

Staff writer |
ArcelorMittal is withdrawing from coal in the Russian Federation. Severniy Kuzbas coal extraction company is being handed over to Moscow based National Fuel Company Llc, according to a message from the Federal Antimonopoly Service.

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The new shareholders of Severniy Kuzbas will make changes to the board of directors.
National Fuel Company has been granted the right by the service to acquire 100% of the shares belonging to Dutch company Kuzbass Holdings B.V., which owns 98.64% of Severniy Kuzbas, and for the management of the Kuzbas group's assets. The new shareholders of Severniy Kuzbas will make changes to the board of directors at an extraordinary general meeting on March 30, announced the joint stock company.

ArcelorMittal bought the coal assets in 2008 from Alexei Mordashov's Severstal for $720 million.


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