Russia's antitrust authority said Friday it has cleared steelmaker ArcelorMittal (MT) to acquire three coal mines from Russia's OAO Severstal (CHMF.RS).
In January, ArcelorMittal signed agreements to buy three Russian coal mines for $720 million.
Under the agreements Severstal will sell stakes in two coal mines and associated companies in central Russia for $650 million.
ArcelorMittal will pay $70 million for the third mine, which belongs to Frontdeal - a company affiliated to, but not owned by, Severstal.