12 Dec 2014 17:11

New owners could sell Mechel off piecemeal - Yakunin

MOSCOW. Dec 12 (Interfax) - Vladimir Yakunin, the head of Russian Railways (RZD) , said he was concerned that potential new owners of Mechel would sell the coal and steel group's assets off piecemeal.

"We're concerned that today's difficult conditions of an economic nature might result in this huge company passing one way or another to new owners, who might adopt the most basic methods to optimize things and dismember it, and sell it off in parts," Yakunin told reporters.

Asked who he thought might take over Mechel, Yakunin said it might not necessarily be banks.

"Banks are the main creditors, but managing such a process is not banking business. But generally, the position of the banks also needs some adjustment," Yakunin said.