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Russia's VEB bank will not help bail out miner Mechel - Itar-Tass
July 9, 2014 / 2:35 PM / 3 years ago

Russia's VEB bank will not help bail out miner Mechel - Itar-Tass

MOSCOW, July 9 (Reuters) - The head of Russian state-owned development bank Vnesheconombank (VEB) said on Wednesday it had decided against taking part in a bailout of indebted miner Mechel, the country’s largest producer of coking coal, Itar-Tass news agency reported.

“We at the bank have taken the decision not to participate in the suggested schemes to save Mechel. The suggested schemes would be loss-making for the bank,” VEB’s chairman Vladimir Dmitriev was quoted as saying. (Reporting by Alessandra Prentice, Editing by Timothy Heritage)

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