2 Jul 2007 07:00
OJSC Novolipetsk Steel02 July 2007 Novolipetsk Steel (NLMK)02 July 2007 Novolipetsk Steel (NLMK) completes the disposal of Lipestkcombank. Further to the announcement on June 22nd, 2007, Novolipetsk Steel (LSE: NLMK), aleading Russian steel producer, has completed the disposal of its stake of50.08% in OJSC Lipetskcombank. As it was stated earlier the deal is valued atapproximately USD 44 million. The NLMK's stake in OJSC Lipetskcombank was soldto OJSC Bank Zenit. This divestment is in line with NLMK's previously announced internalrestructuring plan. One of key steps of this plan is to optimize the assetportfolio of NLMK. In 2006, OJSC Lipetskcombank was classified as non-core assetaccording to a decision of NLMK's Board of Directors. For further information: NLMKAnton Bazulev +7 495 915 1575 Financial DynamicsJon Simmons +44 207 831 3113 This information is provided by RNS The company news service from the London Stock Exchange