Magnitogorsk Iron and Steel Works may sell its shares in the largest Australian iron ore producer. This was announced today by the main shareholder of MMK, Viktor Rashnikov.
According to him, MMK is considering selling a 5.37 percent stake in the Australian Fortescue Metal Group (FMG) by the end of 2014, adding that the capitalization of Fortescue could reach $ 20 billion by the end of this year.
As a reminder, MMK acquired shares in an Australian mining company in 2006, increasing its stake to 5.37% in 2007.
Earlier it was reported that MMK does not exclude the sale of its stake in Fortescue if it is necessary to adjust the ratio of net debt to EBITDA.
MMK is one of the world's largest steel producers and holds a leading position among Russian ferrous metallurgy enterprises. In 2013, MMK smelted 11.94 million tonnes of steel and produced 11.06 million tonnes of finished rolled metal.
Viktor Rashnikov, Chairman of the Board of Directors, owns about 87 percent of MMK's shares.
MMK is considering selling its stake in the mining company Fortescue
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Azovpromstal® 20 March 2014 г. 11:03 |
