PAO Severstal, one of the world's largest vertically integrated steel and mining companies, announces that it has completed the sale of Severstal - Balakovo Long Products Plant to OOO Abinsky Electrometallurgical Plant. The deal amounted to $ 215 million.
The sale of the mini-plant in Balakovo will allow PJSC Severstal to concentrate on steel production at its main asset - the Cherepovets Metallurgical Plant (CherMK). As a result, the company will build its internal processes as efficiently as possible to implement the strategic priorities of the company's updated strategy.
Despite the sale of the long-range plant in Balakovo, PJSC Severstal maintains its presence in the variety market due to the capacities of CherMK.
