ArcelorMittal Announces Sale of Kuzbass Coal Mines

ArcelorMittal SA (NYSE:MT) announced that it has sold off its interest in the Kuzbass coal mines in the Kemerovo region of Siberia, Russia to Russia’s National Fuel Company (NTK).

As quoted in the press release:

The assets include the coal mines of Berezovskaya and Pervomaskaya, which together produce 700,000 tonnes of coal a year.

Bill Scotting, CEO of ArcelorMittal Mining, stated:

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.

Click here for the full ArcelorMittal SA (NYSE:MT) press release