Mechel Sells Part of Vanino Stake - Analyst Blog
22 Enero 2013 - 5:40AM
Zacks
Mechel OAO (MTL) has announced that it has sold
a part of its 73.3% stake (55% of share capital) in Vanino Sea
Trade Port OAO, which it bought from the Russian government and
foreign investors. Mechel now retains about 1.5% of the
enterprise's common shares.
Mechel stated that the investors are not interested in transhipping
their products through Port Vanino, which will enable it to use the
port’s entire capacity in the company’s interests. Port Vanino was
already utilized by Mechel to ship its cargo. The first vessel
carrying 30,000 tons of Yakutugol Holding Company OAO's coal
products has left the port and another vessel, which will carry
40,000 tons of coal, is set to start its journey at the port.
Last week, Mechel acquired a controlling stake in Vanino Sea Trade
Port OAO for about RUB15.5 billion ($512.5 million). The takeover
was in sync with the company’s efforts to expand its export
capacities in Asia Pacific.
Port Vanino is one of Russia’s largest ports and is suitably
located for Mechel to serve the Asia Pacific region. The port is
also open for navigation throughout the year and is the largest
transport hub in the Kahabarovsk Region.
According to Mechel, Port Vanino’s coal transhipment capacity can
be increased to 7 million tons in 2013 without incurring any
significant costs. This also saves Mechel from building its own
storage terminal at Vanino for the next 3-5 years. By utilizing the
capacities of the port, Mechel can increase its customer base.
Mechel currently retains a short-term Zacks Rank #3 (Hold).
Other companies in the steel industry with favorable Zacks Ranks
are Gibraltar Industries Inc. (ROCK),
POSCO (PKX) and ArcelorMittal South
Africa (AMSIY). While both Gibraltar and POSCO hold a
Zacks Rank #1 (Strong Buy), ArcelorMittal South Africa holds a
Zacks Rank #2 (Buy).
(AMSIY): ETF Research Reports
MECHEL OAO ADS (MTL): Free Stock Analysis Report
POSCO-ADR (PKX): Free Stock Analysis Report
GIBRALTAR INDUS (ROCK): Free Stock Analysis Report
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