We propose an explanation for the apparent semimetal-insulator transition o
bserved in highly oriented pyrolitic graphite in the presence of magnetic f
ield perpendicular to the layers. We show that the magnetic field opens an
excitonic gap in the linear spectrum of the Coulomb interacting quasipartic
les, in close analogy with the phenomenon of dynamical chiral symmetry brea
king in the relativistic theories of the (2 + 1)-dimensional Dirac fermions
. Our strong-coupling approach allows for a nonperturbative description of
the corresponding critical behavior.