NLMK completes sale of KMA Ruda

The Russian Novolipetsk Steel (NLMK) company has closed the sale of its 92.04 percent stake in local iron ore mining company KMA Ruda. As reported previously, a 59.99 percent stake in KMA Ruda was sold to KOKS and a 32.04 percent stake was sold to Lesser Enterprises Limited Company for $195.5 million and $104.5 million respectively. NLMK had recently announced that the sale of KMA Ruda was in line with the company's sustainable growth strategy for 2007-2011, the key element of which is unlocking the value of non-strategic assets.