Luxembourg/New Delhi: World's largest steel maker ArcelorMittal has announced selling its Kuzbass coal mines in the Kemerovo region of Siberia to Russia's National Fuel Company (NTK).
"The assets include the coal mines of Berezovskaya and Pervomaskaya, which together produce 700,000 tonnes of coal a year," ArcelorMittal said in a statement.
The company did not disclose the deal amount.
The steel major had acquired the Kuzbass mines in 2008 as part of the company's strategy to secure delivery of coal to ArcelorMittal steel operations in Ukraine.
Bill Scotting, CEO of ArcelorMittal Mining, said: "The decision to dispose of the Kuzbass coal mines follows a strategic review of the assets. As our Ukraine steel operations now source coking coal from ArcelorMittal's mines in Kazakhstan, Kuzbass is no longer a strategic asset for ArcelorMittal."
He said, "We are pleased to have agreed the sale to NTK as Kuzbass is an important employer in the region and this offers a sustainable solution for employees and other stakeholders."
ArcelorMittal is the world's leading steel and mining company, with a presence in more than 60 countries and an industrial footprint in over 20 countries.
In 2013, ArcelorMittal had revenues of USD 79.4 billion and crude steel production of 91.2 million tonnes, while own iron ore production reached 58.4 million tonnes.
It is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).