Magnitogorsk: No Plans To Sell Fortescue Stake
05 Dezembro 2011 - 12:54PM
Dow Jones News
Russian steelmaker OAO Magnitogorsk Iron & Steel Works
(MAGN.RS) said Monday it doesn't plan to sell its stake in
Fortescue Metals Group Ltd. (FMG.AU), the world's fourth-largest
iron ore miner, as it believed the company's value will shoot up in
the next few years.
Magnitogorsk expects the company's value to increase
"dramatically" in the next few years on its production growth,
Dmitry Usanov, acting chief financial officer of Magnitogorsk's
managing company, said on a conference call.
Some analysts have suggested Magnitogorsk could sell its
Fortecue stake of about 5% to finance the purchase of Flinders
Mines Ltd.(FMS.AU) for A$554 million ($569 million), the deal the
steelmaker announced on Nov. 25. The purchase is subject to
approval by an Australian regulator and the Flinders
shareholders.
Magnitogorsk has said it will use its own cash as well as
borrowed funds to finance the Flinders deal, without
elaborating.
Separately, Usanov said Magnitogorsk's 2012 capex will stand at
up to $800 million. The company spent $973 million in capex in the
first nine months of this year.
-By Nadia Popova, Dow Jones Newswires; +7 495 232-9198,
nadia.popova@dowjones.com
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