Base Elements Sell 50% Stake in Urals Steel

Oleg Deripaska’s holding company, Moscow-based Base Element, has sold its 50% stake in Urals Steel to Alisher Usmanov. Base Element’s cites unsatisfactory projections as the reason for divesting Urals Steel.

Urals Steel also known as Nosta, is the reorganized corporate form for the Orsk-Khalilovsk Iron & Steel Works. It is one of Russia's top-10 steelmakers, producing 4 million metric tons of plate, billet, and sections per year.

While no purchase price was made public, industry sources indicate that a price less than $300 million is likely.

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