Severstal May Sell Lucchini

Jan. 25, 2010

Severstal is in talks with investors to sell its Lucchini unit in Italy, and an agreement to sell a controlling stake may be finished soon, Interfax reported Friday, citing an unidentified banker.

Severstal spokeswoman Natalya Ivanova declined to comment on “market rumors.”

The steelmaker acquired a controlling stake in Lucchini in 2005 for 430 million euros ($609 million) and two years later increased its holding to 80 percent. Lucchini sold 3.3 million tons of steel products for $4 billion in 2008, generating 15 percent of Severstal’s total revenue, the Russian steelmaker said in its annual report.

(Bloomberg)

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