Baosteel to Buy 25% Stake in Russian Mechel Mining for USD1.25bn

Baosteel Group is reportedly in talks with Russia’s coal and steel group Mechel over buying a 25% stake in Mechel’s mining sector for possibly US$1.25bn.

The entire unit sector be valued at US$5bn while the blocking stake is reportedly worth US$1.25bn. Mechel is one of the leading Russian companies and its business includes four segments: mining, steel, ferroalloy and power.

Source: China Metals e-mail chinametal@xinhua.org