Further to the announcement on June 22nd, 2007, Novolipetsk Steel (LSE: NLMK), a leading Russian steel producer, has completed the disposal of its stake of 50.08% in OJSC Lipetskcombank. As it was stated earlier the deal is valued at approximately USD 44 million. The NLMK’s stake in OJSC Lipetskcombank was sold to OJSC Bank Zenit.

This divestment is in line with NLMK’s previously announced internal restructuring plan. One of key steps of this plan is to optimize the asset portfolio of NLMK. In 2006, OJSC Lipetskcombank was classified as non-core asset according to a decision of NLMK’s Board of Directors.