Russian steel maker Severstal has signed a binding agreement with OOO Russkaya Energiya to sell AO Vorkutaugol. The transaction amount is 15 billion rubles. The deal is expected to be closed in the first quarter of 2022 after obtaining the appropriate permits from the Federal Antimonopoly Service of the Russian Federation and fulfilling a number of other conditions. The buyer plans to finance the transaction at the expense of his own and borrowed funds. Severstal said “The sale of Vorkutaugol will allow us to focus on implementing our strategy to develop steel and iron ore assets in line with our vision for the metallurgy of the future and consistently reduce our carbon footprint.”JSC Vorkutaugol is one of the largest coal mining companies in Russia. It accounts for about 11% of the country's coking coal production. Vorkutaugol enterprises operate on the territory of the Pechora coal basin, which is a large raw material base for the metallurgical, coke-chemical and energy industries. The Vorkuta geological-industrial region has the largest coal reserves in Europe (about 4 billion tons). The company consists of five underground mines, one open pit mine and several auxiliary enterprises. The volume of coal production by the company's enterprises in 2020 amounted to 10.3 million tons, the production of coal concentrate - 4.7 million tons. The number of Vorkutaugol employees is about 5900 people.The co-founders of Russian Energy LLC are Roman Trotsenko, Chairman of the Board of Directors of Aeon Corporation (70%) and Andrey Tyasto (30%).
Russian steel maker Severstal has signed a binding agreement with OOO Russkaya Energiya to sell AO Vorkutaugol. The transaction amount is 15 billion rubles. The deal is expected to be closed in the first quarter of 2022 after obtaining the appropriate permits from the Federal Antimonopoly Service of the Russian Federation and fulfilling a number of other conditions. The buyer plans to finance the transaction at the expense of his own and borrowed funds. Severstal said “The sale of Vorkutaugol will allow us to focus on implementing our strategy to develop steel and iron ore assets in line with our vision for the metallurgy of the future and consistently reduce our carbon footprint.”JSC Vorkutaugol is one of the largest coal mining companies in Russia. It accounts for about 11% of the country's coking coal production. Vorkutaugol enterprises operate on the territory of the Pechora coal basin, which is a large raw material base for the metallurgical, coke-chemical and energy industries. The Vorkuta geological-industrial region has the largest coal reserves in Europe (about 4 billion tons). The company consists of five underground mines, one open pit mine and several auxiliary enterprises. The volume of coal production by the company's enterprises in 2020 amounted to 10.3 million tons, the production of coal concentrate - 4.7 million tons. The number of Vorkutaugol employees is about 5900 people.The co-founders of Russian Energy LLC are Roman Trotsenko, Chairman of the Board of Directors of Aeon Corporation (70%) and Andrey Tyasto (30%).
