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PAO Severstal (the “Company”) one of the world’s leading vertically integrated steel and steel-related mining companies, announces that its subsidiary, JSC Severstal – Metiz, Severstal’s international metal ware manufacturer, has entered into a definitive agreement with Teufelberger Wirerope GmbH, a leading international metal wire ropes producer based in Austria, for the sale of Severstal’s subsidiary company Redaelli Tecna S.p.A (“Redaelli Tecna”, part of JSC Severstal - Metiz).
Redaelli Tecna S.p.A. is based in Italy and is a global market leader in the design and manufacture of steel wire ropes for off-shore and on-shore oil activities, mining, cableways, material transportation and hoisting, in the development and production of engineering systems for the tenso structures. With a staff of 330 employees, Redaelli Tecna generated revenues of € 91.7 million in 2015.
Alexander Shevelev, CEO of AO Severstal Management, said: “The sale reflects Severstal’s commitment to maximize value creation for its shareholders and will allow Severstal-metiz to focus on its Russian assets and enhance its efficiency”.
The transaction is expected to complete in first half of 2017, subject to receipt of antitrust clearances and other customary closing conditions as agreed by the parties.Rothschild is acting as financial adviser to Severstal in connection with the sale.