Severstal has signed a binding agreement to sell Severstal – Bar Works Balakovo to Abinsk Electrometallurgical Works LLC for $215 million.
The deal is expected to be finalized in H1.
After the sale the group will concentrate on the manufacture of steel at its main asset – Cherepovets Iron and Steel Works.
Bar Works Balakovo capacity is 1 million tons of products per year. The company manufactures rebars and sections. Since its commissioning the works has produced over 3.5 million tons of metal products. (Ukrainian metal)