Mechel plans coal IPO through Metchel Mining

30 April 2008

Mechel established a 100%-owned subsidiary, Mechel Mining, to make public its mining division.

Mechel Joint Stock controls coal and metallurgical assets in Russia, Lithuania and Romania. Its principal shareholder is Igor Zyuzin, GM (68.2%), free-float—23.9%.

The company's proceeds (US GAAP) amounted to $4.6 bn, net profit—to $706 m in the nine months of 2007. The steel production in 2007 reached 6.09 m t.