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Russian Severstal sells steel cables manufacture to Austrian Teufelberger Wirerope

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Russian Severstal sells steel cables manufacture to Austrian Teufelberger Wirerope

Severstal-metiz JSC signed an agreement on the sale of its steel cables manufacture, Redaelli Tecna, to Austrian Teufelberger Wirerope, the company’s press office reports on Monday.

As a reference, Severstal-metiz JSC is a subsidiary of Severstal, the Russian company operating in the steel and mining industry.

The deal is expected to be closed in the first half of the year 2017. Rothschild acts as a financial consultant of Severstal.

“The sale of Redaelli will allow Severstal-metiz group to focus on Russian market, what, in our opinion, will ensure higher value for the company’s shareholders,” director general of Severstal Management, Alexander Shevelyov, said.

Redaelli Tecna S.p.A. engaged in designing, developing and production of special steel wire ropes used for offshore drilling activities. The company’s assets are located in Italy.

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