Severstal selling Bar Works Balakovo

2019-05-08

May 7, 2019 - 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.