Disposal

22 Jun 2007 10:32

OJSC Novolipetsk Steel22 June 2007 Novolipetsk Steel (NLMK)22 June 2007 Novolipetsk Steel (NLMK) agrees to sell Lipestkcombank Novolipetsk Steel (LSE: NLMK), a leading Russian steel producer, today announcedthat it has agreed to sell its 50.08% stake in OJSC Lipetskcombank to OJSC BankZenit for approximately USD 44 million. Deutsche Bank advised NLMK on thisdisposal. 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. The parties expect to complete the transaction by the end of Q3 2007. OJSC Lipetskcombank is based in Lipetsk. The bank provides general bankingservices for corporate and retail customers in accordance with its generallicense from the Central Bank of Russia, a license for foreign currencyoperations and a license for brokerage activity. The capital base ofLipetskcombank as at 01 January 2007 was approximately USD 44 million. The netincome for 2006 amounted to USD 6.5 million. 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