Severstal announces sale of Dneprometiz
Severstal announces that its subsidiary Cambay Services Ltd has completed the sale of its wholly-owned subsidiary Dealzone Holding Ltd which holds the 98.6% stake in Dneprometiz. Located in Dnepr, Dneprometiz is a Ukrainian business and former subsidiary of Severstal-metiz, the group of companies which unites Severstal’s metalware assets.
The sale of Dneprometiz will result in greater efficiency improvements at Severstal-metiz and will further enhance the profitability of the Severstal group.
Severstal acquired 60% of the shares of Dneprometiz in 2006 before gradually increasing its total stake to 98.6%.
Whilst today Dneprometiz operates at high levels of capacity utilization and delivers strong financial results, the asset is non-core to Severstal’s business which is focused in Russia.
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