MOSCOW MOSCOW, Feb 12 (Hina) - Chelabinsk's metal industry Mechel is prepared to provide a bank guarantee along with the signed agreement on the purchase of Sisak Ironworks, it was said on Wednesday, at the end of a three-day working
visit of Croatian Labour and Welfare Minister Davorko Vidovic to Moscow.
MOSCOW, Feb 12 (Hina) - Chelabinsk's metal industry Mechel is
prepared to provide a bank guarantee along with the signed
agreement on the purchase of Sisak Ironworks, it was said on
Wednesday, at the end of a three-day working visit of Croatian
Labour and Welfare Minister Davorko Vidovic to Moscow. #L#
Reaction in the Croatian media and doubts in the legitimacy of the
recent sale of Sisak Ironworks to Russia's Mechel where the
occasion for Vidovic's meeting with one of the co-owners of this
Russia's and Europe's giant in metal industry, Igor Zjazin.
Zjazin confirmed Mechel's readiness to back up its purchase
contracts with a bank guarantee.
The guarantee amounts to six million US dollars which Mechel would
be obliged to pay to the Croatian government for the payment of
workers' six-month salaries in case it withdraws from the deal.
Zjazin also informed Vidovic that the Russian company has 300
wagons of steel prepared which should arrive in Croatia's Sisak
this month and which would start the production of pipes.
Minister Vidovic also agreed with the Russian company Emercom
Demining to start removing mines in Croatia in May. The deal, worth
32 million US dollars, will be financed through Croatia's share in
the Soviet clearing debt towards the former Yugoslavia.
(hina) it sb