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.