Mechel sells chrome assets to Yildirim Group for $425m

Russian coking coal and steel producer Mechel has agreed to sell its chrome mine in Kazakhstan and Russian smelting operation to Turkey’s Yildirim Group for $425 million, Mechel said on Thursday August 1.

Yildirim will acquire Mechel’s Voskhod mine in Kazakhstan’s Khromtau region and the Tikhvin ferro-alloy plant in Russia’s Leningrad region. The Tikhvin plant consumes half of the Voskhod mine’s output and can produce 120,000 tpy of high carbon ferro-chrome, with 69.5% chrome content. Tikhvin is Russia’s second-largest producer of high carbon ferro-chrome. Metal Bulletin reported that the Turkish...

Published

Nadia Popova

August 01, 2013

17:15 GMT

Moscow