OAO Mechel’s chairman, Russian billionaire Igor Zyuzin, complained to Prime Minister Dmitry Medvedev about an investigation into the coal producer’s taxes, he said in remarks broadcast on state television Rossiya 24.
OAO Mechel, Russia’s biggest producer of steelmaking coal, is discussing options with state banks to enable the mining company to meet debt obligations, according to two people with knowledge of the matter.
Russian leaders need to avoid tough, “unequivocal” talk with business to make the economy more competitive, Prime Minister Dmitry Medvedev told an investment forum in the southern Russian resort town of Sochi.
OAO Mechel, Russian billionaire Igor Zyuzin’s coal and steel producer, plans to sell as much as 35 billion rubles ($1.1 billion) of domestic bonds, said Alexander Tolkach, Mechel’s head of investor relations, by phone today.
OAO Mechel, a Russian steel and coal producer controlled by billionaire Igor Zyuzin, posted a fourth- quarter loss and breached covenants on $4.2 billion of loans after steel prices fell and it lost customers for coking coal.