Kommersant citing people it didn’t identified reported that OAO Magnitogorsk Iron & Steel, a Russian steel producer controlled by billionaire Mr Victor Rashnikov may sell a 51% stake in its iron ore unit because of shareholder conflicts.

The stake in Bakalskoye Rudoupravleniye, as the unit is called, may be valued at about $120 million, the newspaper said. Magnitogorsk is seeking to hire a bank to help find a buyer after it failed to resolve a conflict with owners of the remaining 49 percent of the unit.

(Sourced from Bloomberg)