Severstal to buy US coal miner for $1.3 billion

MOSCOW: Severstal, Russia's biggest steelmaker said on Friday it will buy US coal miner PBS Coals for $1.3 billion (876 million euros).

In a statement, Severstal said it hoped to complete the deal by mid-October, subject to approval by the US authorities.

PBS Coals produces more than four million tonnes of coal annually in the US state of Pennsylvania.

In June, Severstal reached an agreement to buy US steelmaker Esmark for $1.25 billion .