  We propose an explanation for the apparent semimetal-insulator transition
observed in highly oriented pyrolitic graphite in the presence of magnetic
field perpendicular to the layers. We show that the magnetic field opens an
excitonic gap in the linear spectrum of the Coulomb interacting quasiparticles,
in a close analogy with the phenomenon of dynamical chiral symmetry breaking in
the relativistic theories of the 2+1-dimensional Dirac fermions. Our
strong-coupling appoach allows for a non-perturbative description of the
corresponding critical behavior.
