MOSCOW, December 9 (RIA Novosti) - Russia's Novolipetsk Steel said on Tuesday it had agreed to sell its 69.4% stake in the Black Sea port of Tuapse to Netherlands-based Universal Cargo Logistics Holding B.V. for around $254 million.
Novolipetsk Steel, one of Russia's top steel producers, said the divestiture was in line with the company's previously announced internal restructuring program aimed at streamlining its asset structure.
The Tuapse seaport in southern Russia was classified as a non-core asset by the Novolipetsk board of directors in February 2006.
Cash generated from the disposal of the Tuapse port will go to repay the company's short-term liabilities and help fund the steel giant's current investment projects, Novolipetsk Steel said in a statement.
The transaction is subject to antitrust regulatory approval and is expected to be closed within two months, the statement said.
