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Updated: 5:56 PM May 8, 2009
Russian Company Purchases WV Mining Company
CHARLESTON, W.Va. (AP) Russian mining and metals company Mechel OAO says it has completed the acquisition of Appalachian coal producer Bluestone Industries and several associated companies. Posted: 7:45 AM May 9, 2009 |
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Russian mining and metals company Mechel OAO says it has completed the acquisition of Appalachian coal producer Bluestone Industries and several associated companies.
Moscow-based Mechel said Friday the deal includes Dynamic Energy, JCJ Coal Group and several subsidiaries.
Mechel announced in April it had agreed to buy the companies for $436 million cash, 83.3 million preferred shares of stock, and the assumption of $132 million in debt.
Beckley-based Bluestone Industries is the parent of Bluestone Coal. It primarily produces coking coal used by steelmakers to fire blast furnaces.
Friday's announcement comes a day after Bluestone's former owner announced the purchase of The Greenbrier, an internationally known resort in West Virginia, from CSX Corp.
