UFGIS Structured Holdings wins MMK auction

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.