Severstal, Russia’s largest steel company has announced the sale of all its holdings in its former gold mining company, Nordgold.
Chris Clark, Chairman of Severstal’s Board of Directors, said: “The listing of Nordgold marks the end of Severstal's successful involvement in gold. The transaction enables Severstal now to focus entirely on its core strengths as a leading vertically integrated steel and steel-related mining company. On behalf of Severstal, I would like to wish Nordgold, its management team and its shareholders every success for the future.”
Norgold is expected to be listed on the London Stock Exchange from 19 January.
Severstal produced 18.2Mt of crude steel in 2010 including output from its US subsidiary which itself was partly divested during 2011.