MMK announces the sale of its 51% stake in OOO Bakalskoe Iron Ore Management and its 100% stake in OOO Rudnik which owns a license for the development of the Techenskoe field.

MMK sold the stakes to Atop International Ltd on satisfactory terms for both sides. The exact terms of the deal were not disclosed.

MMK is one of the world's largest steel producers and a leading Russian metals company. The company's operations in Russia include a large steel producing complex encompassing the entire production chain, from preparation of iron ore to downstream processing of rolled steel. MMK produces a broad range of steel products with a predominant share of higher value added products. In 2011 the company produced 12.2 million tonnes of crude steel and 11.2 million tonnes of commercial steel products.

MMK Group revenue in 2011 stood at USD 9.306 billion with EBITDA of USD 1.336 billion.

Source - MMK

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