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Regulator allows ArcelorMittal to buy coal assets in Russia

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MOSCOW, February 29 (RIA Novosti) - Russia's Antimonopoly Service approved on Friday a bid from a subsidiary of global steel giant ArcelorMittal to buy Russian coal assets.

Mittal Steel Holdings AG, 100% owned by ArcelorMittal, will now be able to buy 100% of voting shares in six Russian coal companies.

Severstal earlier signed a contract with ArcelorMittal to sell 97.6% in the Beryozovskaya mine and 99.35% of the Pervomaiskaya mine for $650 million. Both mines are located in West Siberia's Kuzbass coal basin and handle coking coal production.

ArcelorMittal will also buy up all the shares of the Anzherskaya mine, owned by Severstal's affiliates, and another two mines, for a total of $720 million.

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