Deals
For Sale: Coal Mines for Investors Willing to Buck Trend
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OAO Severstal got $60 million when it sold PBS Coals Ltd. in July, less than a tenth of what it paid for the Appalachia mining company six years ago.
The worst U.S. coal market in decades is driving the Russian steelmaker and other big mine owners for the exit, and a new class of buyers has emerged. The acquirers are smaller, backed by family fortunes, hedge-fund money and private equity companies. They’re betting they can find value during the slump.