Posted in | News | Ferrous Alloys and Metals | Iron and Steel

NLMK Steel to Sell Controlling Share in Lipetskcombank

Jun 22 2007

Novolipetsk Steel, a leading Russian steel producer, today announced that it has agreed to sell its 50.08% stake in OJSC Lipetskcombank to OJSC Bank Zenit for approximately USD 44 million. Deutsche Bank advised NLMK on this disposal.

This divestment is in line with NLMK’s previously announced internal restructuring plan. One of key steps of this plan is to optimize the asset portfolio of NLMK. In 2006, OJSC Lipetskcombank was classified as non-core asset according to a decision of NLMK’s Board of Directors.

The parties expect to complete the transaction by the end of Q3 2007.

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