Yildrim secures Mechel's stake in ferroalloys

Dec 30, 2013 | 11:38 AM | Claire Hack

Tags  Yildirim Group, Mechel, Voskhod, ferroalloys, Tikhvin, Claire Hack

LONDON — Russian steel producer Mechel OAO has closed the sale of 100 percent of its shares in the Voskhod mining plant and Tikhvin ferroalloy plant to Turkish conglomerate Yildirim Group for $425 million.

"This agreement was signed in line with the strategy on restructuring the group’s non-core assets. The funds our company got from this deal will be used for deleveraging," Mechel chief executive officer Evgeny Mikhel said in a statement.....

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