MMK denies selling Belon

Magnitogorsk Iron & Steel Works (MMK) isn’t going to sell OAO Belon, the energy sector enterprise (MMK currently owns 82.6% of Belon’s shares through Onarbay Enterprises Ltd).

‘MMK has no plans to sell the enterprise and is actually quite interested in its further development. This is part of Belon and MMK’s joint development strategy,’ MMK informed Interfax referring to the statement made by MMK Vice President for Strategic Development and Metallurgy Rafkat Takhautdinov.

The misunderstanding apparently occurred when Kommersant reported earlier that Magnitogorsk Iron & Steel Works announced the sale of Belon’s Listvyazhnaya mine and Listvyazhnaya processing enterprise; these are responsible for about 35% of the coal company’s revenues.

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