Russian steelmaker Severstal has announced that it has completed the sale transaction of Mini-Mill Balakovo to Abinsk Electric Steel Works LTD. The consideration of the transaction is $215 million.
The sale of Mini-Mill Balakovo, which is located on the east bank of the Volga in Russia’s Saratov region, will enable Severstal to focus fully on steel production at its main asset, Cherepovets Steel Mill (CherMK). Following the sale of Mini-Mill Balakovo, Severstal will continue to supply long products via its long product facilities at CherMK.