Severstal, one of the largest steel companies in Russia, announced that its subsidiary Severstal-metiz, which includes metalware assets of Severstal, had closed a transaction for the sale of steel wire rope manufacturer Redaelli Tecna S. p. A. for €50 million.
The buyer is the Austrian company Teufelberger Wirerope.
“The sale of Redaelli will allow Severstal-metiz group to focus on its operation in Russian market and provide greater value for shareholders of the company”, Severstal’s representative noted.
Redaelli Tecna is engaged in manufacture of steel ropes, which are used for offshore drilling, mining equipment, construction of cranes and production of engineering systems. The company's assets are located in Italy, in 2015, its revenue amounted to €91.7 million.