2 Oct 2012 19:11

Mechel to consolidate REMZ and two more Estar assets

MOSCOW. Oct 2 (Interfax) - Mechel Group plans to consolidate Rostov Electrometallurgical Plant (REMZ), scrap-metal manufacturer Lomprom and a European trader (assets in Estar Group), the company's general director, Yevgeny Mikhel, said during a conference call on Tuesday.

Consolidation of these assets will have a neutral influence on the group's debt, he said.

REMZ and Lomprom will be transferred to Mechel's balance sheet at the start of 2013. The trader will be transferred in the near future.

The company is also extending the term of debt owed by Estar to Mechel's subsidiaries by nine months.