July 25, 2019
PAO Severstal, one of the world’s leading steel and steel-related mining companies, announces that it has completed the sale transaction of Mini-Mill Balakovo to Abinsk Electric Steel Works LTD. The consideration of the transaction is $215 million.
The sale of Mini-Mill Balakovo will enable Severstal to focus fully on steel production at its main asset, the Cherepovets Steel Mill (CherMK). As a result, the Company will streamline its internal processes in order to successfully execute its updated strategic priorities.
Following the sale of Mini-Mill Balakovo, Severstal will continue to supply long products via its long product facilities at CherMK.
