Russian steel producer OJSC Novolipetsk Steel said it has now agreed to sell its stake of 92.04 pct in OJSC 'Kombinat KMA Ruda' for 300 mln usd.

According to the agreement, some 60 pct in KMA Ruda is sold to OJSC 'KOKS' and around 30 pct is being sold to Lesser Enterprises Ltd Company for 195.5 mln usd and 104.5 mln usd respectively.

This divestment is in line with the company's previously announced internal restructuring plan.

At the moment the company's strategy is oriented towards the development of its key iron ore asset, Stoilensky GOK. Stoilensky GOK meets 100 pct of NLMK's iron ore concentrate requirements.

NLMK said it will use the proceeds from the KMA Ruda sale to finance investment projects, including the Stoilensky GOK's development program.