October 11, 2008

ArcelorMittal to take part Yakutian coal assets auction

It is reported that shortly after selling its last properties in Russia, ArcelorMittal is returning to Russia as it is interested in Yakutian coal assets, which will be auctioned off on October 5th 2007.

The Yakutian government confirms that the law firm of Baker & MacKenzie is preparing documents for the tender on the behalf of ArcelorMittal. As per report ArcelorMittal will have to find a Russian partner or establish its own structure in Russia to take part in the tender.

In a single lot, 68.68% of OAO Elgaugol, 75% minus one share in OAO Yakutugol and the 320 kilometer long unfinished Ulak-Elga rail line will be auctioned off with a starting price of RUB 47.396 billion.