Severstal closes deal on sale of Dneprometiz in Ukraine, terms undisclosed
Severstal has sold Ukrainian company Dneprometiz.
Severstal said in a statement that its subsidiary Cambay Services Ltd has completed the sale of its wholly-owned subsidiary Dealzone Holding Ltd which holds a 98.6% stake in Dneprometiz. The company has not disclosed the terms of the deal.
"The sale of Dneprometiz will result in greater efficiency improvements at Severstal-metiz and will further enhance the profitability of the Severstal group," the press release said.
Severstal acquired 60% of Dneprometiz shares in 2006. Following this, its stake in the Ukrainian firm rose to 98.6%.
"Dneprometiz operates at high levels of capacity utilization and delivers strong financial results. At the same time, the asset is non-core to Severstal's business which is focused in Russia," the statement said.
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