Russia’s Abinsk purchases Severstal’s Balakovo mini-mill for $215mln

摘要

Russian billet and rebar producer Abinsk Electic Steel Works (Abinsk)has entered into a definitive agreement with compatriot Severstalto buy its long-products mini-mill in Balakovo in the Volga federaldistrict.The transaction, worth $215 million, is expected to be completedby the end of June, following the receipt of approvals and otherstandard conditions.“Following the sale of mini-mill Balakovo, we plan to focus ondeveloping steel production at our main asset, the CherepovetsSteel Mill,” said Alexander Shevelev, Severstal’s chief executiveofficer.