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Russian government pondering different options of saving Mechel mining company — minister

July 11, 2014, 19:03 UTC+3
“Financial restructuring of the company is required, but the structure of the debt needs to be defined and the decision will be made after that,” Industry and Trade Minister Denis Manturov said
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Industry and Trade Minister Denis Manturov

Industry and Trade Minister Denis Manturov

© ITAR-TASS/Mikhail Metsel

MOSCOW, July 11. /ITAR-TASS/. Mining and metals company Mechel should remain intact, Russian Industry and Trade Minister Denis Manturov has stated on Friday.

Denis Manturov has added that the Russian government is considering different options of saving Mechel besides budget support and bankruptcy, Russian Industry and Trade Minister Denis Manturov said Friday.

“Financial restructuring of the company is required, but the structure of the debt needs to be defined and the decision will be made after that,” Manturov said, adding that strategic partners need to be sought who would take part in the company's separate projects.

Russia's Industry and Trade Ministry is holding talks with foreign investors on joining various products of Mechel, including the Elga coal deposit in Yakutia in Russia’s Far East, Denis Manturov told ITAR-TASS.

“No one is yet eager to take part in the project [to save Mechel],” Manturov said.

“These may be foreign companies from Eastern Asia, maybe from China, for separate projects, in particular, Elga,” he said, adding that the government set Mechel’s management the task to find partners in Southeast Asia

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