Mechel Steel sells its stake in MMK

Mechel Steel sells its stake in MMK

According to recent news in the market, Russian steel producer Mechel Steel Group has reached an agreement with UFGIS Trading Ltd to sell its equity stake in Magnitogorsk Iron & Steel Works (MMK) for $780 million. In line with the agreement, the transfer of the shares to UFGIS Trading and the payment of $780 million were completed yesterday. As previously reported by SteelOrbis, Mechel Steel Group was planning to bid for the state's remaining 17.4% stake in MMK. Mechel Group officials stated that the company will focus on mining and strengthening its position in long products and specialty steel production.