Russians at Mechel announced they had taken over control ofmetallurgical plant Laminorul Braila (LMRU), through theacquisition of its majority shareholder, Donau Commodities, in anaround 9.4 million-euro transaction. Austrians at Donau Commoditieshad previously held 90.9% of Laminorul Braila. This is the fourthmetallurgy plant held by Mechel in Romania, alongside those inTargoviste, Campia Turzii, and Buzau, Ductil Steel, the latterbeing acquired by the Russians in early 2008 in a 142 million-eurotransaction. "The acquisition of Laminorul Braila is a new step inMechel's development strategy, whose main target is to increase theshare of products with high margins in the group's portfolio," saidVictor Dislevic, general manager of Mechel's Eastern European steeldivision. In 2009 the turnover of Laminorul Braila fell almost fivetimes in the context of the crisis, to 33.9 million RON (8.3million euros), and the company's losses doubled, to 39.1 millionRON (9.6 million euros). Laminorul Braila shares were last tradedat 0.34 RON/share, which values the company at 16.4 million RON (4million euros).
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