) announced that its logistics subsidiary Mecheltrans OOO has
acquired a 21.64% stake at Port Vanino for 4.57 billion rubles
(around $152 million) from one of the port's minor shareholders,
a subsidiary of the company En+.
According to the agreement signed between the two parties,
Mecheltrans got hold of the port's shares, effective immediately.
The payment for the share package is expected to be made within
Mechel, in Jan 2013, acquired a controlling stake in Vanino Sea
Trade Port OAO from the Russian government and foreign investors
for roughly RUB15.5 billion ($512.5 million). The takeover was in
sync with the company's efforts to expand its export capacities
in the Asia-Pacific.
Few days following the acquisition, Mechel announced the sale of
a part of its 73.3% stake (55% of share capital) in Vanino Sea
Trade Port OAO to investors. Following the sale, Mechel retained
about 1.5% of the enterprise's common shares.
Port Vanino is one of Russia's largest ports and is suitably
located for Mechel to serve the Asia Pacific region. The port is
also open for navigation throughout the year and is the largest
transport hub in the Kahabarovsk Region.
According to Mechel, Port Vanino's coal transhipment capacity can
be increased to 7 million tons in 2013 without incurring any
significant costs. This also saves Mechel from building its own
storage terminal at Vanino for the next 3-5 years. By utilizing
the capacities of the port, Mechel can increase its customer
Mechel currently retains a short-term Zacks Rank #4 (Sell).
Other companies in the steel industry with favorable Zacks
Gibraltar Industries Inc.
ArcelorMittal South Africa
). While POSCO holds a Zacks Rank #1 (Strong Buy), both Gibraltar
and ArcelorMittal South Africa hold a Zacks Rank #2 (Buy).
(AMSIY): ETF Research Reports
MECHEL OAO ADS (MTL): Free Stock Analysis
POSCO-ADR (PKX): Free Stock Analysis Report
GIBRALTAR INDUS (ROCK): Free Stock Analysis
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