Mechel's Unit Buys Vanino Stake - Analyst Blog
06 Febrero 2013 - 9:00AM
Zacks
Russian miner Mechel OAO (MTL) announced that
its logistics subsidiary Mecheltrans OOO has acquired a 21.64%
stake at Port Vanino for 4.57 billion rubles (around $152 million)
from one of the port's minor shareholders, a subsidiary of the
company En+.
According to the agreement signed between the two parties,
Mecheltrans got hold of the port's shares, effective immediately.
The payment for the share package is expected to be made within 145
days.
Mechel, in Jan 2013, acquired a controlling stake in Vanino Sea
Trade Port OAO from the Russian government and foreign investors
for roughly RUB15.5 billion ($512.5 million). The takeover was in
sync with the company’s efforts to expand its export capacities in
the Asia-Pacific.
Few days following the acquisition, Mechel announced the sale of a
part of its 73.3% stake (55% of share capital) in Vanino Sea Trade
Port OAO to investors. Following the sale, Mechel retained about
1.5% of the enterprise's common shares.
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 #4 (Sell).
Other companies in the steel industry with favorable Zacks Ranks
are Gibraltar Industries Inc. (ROCK),
POSCO (PKX) and ArcelorMittal South
Africa (AMSIY). While POSCO holds a Zacks Rank #1 (Strong
Buy), both Gibraltar and ArcelorMittal South Africa hold 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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