Severstal sells Vorkutaugol coal co to Trotsenko firm for 15 bln rubles

MOSCOW. April 29 (Interfax) - Severstal has closed the sale of its coking coal asset Vorkutaugol to Roman Trotsenko's LLC Russkaya Energiya.

The deal is valued at 15 billion rubles, Severstal said in a statement.

The deal has received the relevant permits from the Federal Antimonopoly Service.

The sale of Vorkutaugol will allow Severstal to focus on delivering its strategy to develop its steel and iron ore assets in line with company's vision of the industry's future and to reduce its carbon footprint, Severstal said.

At the same time, Severstal will remain a key consumer of Vorkutaugol coking coals. The terms of the agreement with the buyer include a long-term offtake contract guaranteeing Severstal's supply of raw material. The corresponding agreement was also signed on April 29.