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- Novolipetsk Steel (NLMK) completes the disposal of KMA Ruda
26 September 2006
Novolipetsk Steel (NLMK) completes the disposal of KMA Ruda
Further to the announcement on August 16th, 2006, Novolipetsk Steel (LSE: NLMK), a leading Russian steel producer, has completed the disposal of its stake of 92.04% (236,605 ordinary shares) in OJSC “KMA Ruda”. As stated previously, the deal is valued at USD 300 million in cash. The 59.99 % interest in KMA Ruda was sold to OJSC “KOKS” and 32.04 % interest was sold to Lesser Enterprises Limited Company for USD 195.5 and 104.5 million respectively.
This disposal is in line with NLMK’s recently announced sustainable growth strategy for 2007-2011. One of the key elements of the strategy is unlocking the value of non-strategic assets.
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