ArcelorMittal announces sale of coal mines in Russia

KOLKATA: ArcelorMittal has announced the sale of its interest in the Kuzbass coal mines in the Kemerovo region of Siberia, Russia, to Russia's National Fuel Company (NTK). The move is part of a strategic decision to source coal from Kazakhstan for its steel operations in Ukraine. acquired the Kuzbass mines in 2008 as part of the company's strategy to ensure coal supply to ArcelorMittal steel operations in Ukraine. The assets include the coal mines of Berezovskaya and Pervomaskaya, which together produce seven lakh tonnes of coal every year, a company statement said.

Commenting on the move, Bill Scotting, CEO of ArcelorMittal Mining said: "The decision to dispose of the Kuzbass coal mines follows a strategic review of the assets. As our Ukraine steel operations now source coking coal from ArcelorMittal's mines in Kazakhstan, Kuzbass is no longer a strategic asset for ArcelorMittal. We are pleased to have agreed the sale to NTK as Kuzbass is an important employer in the region and this offers a sustainable solution for employees and other stakeholders."