Highveld Steel and Vanadium, the South African subsidiary of the Russian steel producer Evraz Group, has announced that it has agreed to sell its Transalloys business to a subsidiary of the Russian Renova Group for about ZAR 780 million ($112.5 million).
The deal still requires a number of approvals from the South African authorities in order to be completed.
Transalloys produces manganese alloys, mainly refined silicomanganese and medium carbon ferromanganese.
In addition to Transalloys, Highveld will also dispose of a part of its shares in both the Mapochs iron ore and vanadium mine and in the Vanchem operation.