On December 27, the Russian steel producer, Novolipetsk Steel, announced the completion of the sale of its stakes in a number of energy companies. These included its stake in Liptskenergo (14.11 percent for $15.83 million), its stake in Lipetskenergosbyt (14.11 percent for $420,000), in TGK-4 (2.7 percent for $39.17 million), in Lipetsk supply network (14.11 percent for $3.64million), Lipetskoblgaz (19.39 percent for $15.75 million), and in LGEK (51 percent for $3.76 million) energy companies.
This disposal of the company's energy assets is in line with its strategy for an optimization of its assets portfolio. Accordingly,
NLMK stakes in energy companies were classified as non-core investment, since they were viewed as not likely to lead to the control of or to significant influence over the operating activities of the companies in question.
NLMK received a total of $78.56 million in cash for its energy assets.