Novolipetsk Steel sold its stake in Tuapse Seaport

NLMK has completed the disposal of its 69.41% share in OJSC Tuapse Seaport (TMTP) to Universal Cargo Logistics Holding B.V. (UCLH).

The transaction values NLMK’s stake at RUR 7,105,155,057 (about $254 mln), or RUR 1.17 per TMTP ordinary share.

Cash generated from the disposal of NLMK’s TMTP stake will be used to repay short-term debt and help fund the company’s current investment projects.