NLMK sells 20.5% of its European assets to SOGEPA
Edited by Rhod Mackenzie / 2013-11-01 06:55:32
NLMK sold 20.5% of its European assets to Belgian SOGEPA, AK&M reports. As SOGEPA takes part in the company’s management, the investments of NLMK in NBH are reflected in the consolidated reports prepared in compliance with US GAAP, by the business interest method since September 30, 2013.
Belgian state company SOGEPA agreed to buy 20.5% of Belgian department of NLMK for 91.1 million EUR. This is how NLMK attracts the strategic investor, it is the part of the long-term program aimed at improvement of the efficiency and optimization of the costs of NLMK Belgium Holdings.
