Bloomberg News

Mechel Can Borrow $1.5 Billion From Russian VEB, Vedomosti Says

January 11, 2009

OAO Mechel (MTLR), Russian billionaire Igor Zyuzin’s steel and coal company, can borrow as much as $1.5 billion from state bailout bank VEB, the Vedomosti newspaper said, citing an unidentified person close to Mechel.

VEB, or Vnesheconombank, said Dec. 31 that Prime Minister Vladimir Putin and the rest of the members of the bank’s supervisory board approved lending $1.5 billion to an “important” company in the commodities sector, without elaborating.

Ilya Zhitomirsky, a Mechel spokesman, declined to comment on the Vedomosti report today.

To contact the reporters on this story: Yuriy Humber in Moscow at yhumber@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net


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