A Russian company has agreed to buy Beckley-based Bluestone Coal Corp. in a deal one analyst valued at $800 million.
According to various international news reports, Mechel will pay $425 million plus shares and assume $135 million in Bluestone debt. The deal is expected to close in March or April.
Bluestone president Jim Justice issued a statement Thursday through company treasurer Terry Miller which read: “While a sale of Bluestone Coal Corp. has been the subject of much speculation over the last several months, it is not constructive for us to comment at this time. The transaction is with the global steel, coal and iron ore producer Mechel ... Our formal announcement along with detailed comments will be made at the appropriate time.”
Mechel, Russia’s largest producer of coal for the steel industry and the country’s sixth-largest steel maker, will be making its first venture into the U.S. coal market.
A Mechel spokesman declined comment on the matter.
It was reported last summer that Indian and Russian firms were looking to gain a foothold in the U.S. metallurgical coal market. Bluestone and United Coal were listed as two assets that were possibly on the market.
— E-mail: mjames@register-herald.com
Local News
February 26, 2009
Russian company to buy Bluestone Coal
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