Billionaire Zyuzin's Steelmaker Mechel to Sell $1.1 Billion of Ruble Bonds

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.

Mechel is seeking funding to develop Siberia’s Elga deposit, Russia’s largest untapped reserve of coal used in making steel.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

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