Mordashov sells his stake in Severstal-auto

The CEO of Russian steelmaker Severstal Group, Mr.Alexei Mordashov, has sold his stake in Severstal-auto to the company's General Director Mr. Vadim Shevtsov. As a result of the deal, Mr. Shevtsov has become the main owner of Severstal-auto, now controlling a 58 percent stake in the company. Commenting on the sale, Mr. Mordashov said that the main reason behind his decision to sell his stake in Severstal-auto was his desire to fully concentrate on the development of his steel business.