UFGIS Structured Holdings wins MMK auction
UFGIS Structured Holdings Ltd, with a bid of $790 million, has won the auction held for the sale of state's remaining 17.8% stake in steel producer Magnitogorsk Iron & Steel Works (
MMK).
The price UFGIS will pay is the starting price of the auction.
As previously reported by SteelOrbis,
Mechel Steel Group was planning to bid for
MMK; however the company sold its equity shares in
MMK to UFGIS
Trading Inc, a company affiliated to the winner of the auction, for $780 million.