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No plans to sell Severstal’s assets in US amid sanctions — CEO

May 22, 2014, 17:46 UTC+3 ST. PETERSBURG

“We are developing this business, we believe in its potential, in its future,” CEO Alexei Mordashov says

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Severstal  CEO Alexei Mordashov

Severstal CEO Alexei Mordashov

© ITAR-TASS/Denis Vyshinsky

ST. PETERSBURG, May 22. /ITAR-TASS/. Russia’s steelmaker Severstal does not plan to sell its business in the US amid western sanctions against the country, CEO Alexei Mordashov said Thursday in an interview with CNBC channel during the St. Petersburg International Economic Forum.

“I want to point out that we do not repudiate our business in the US We have not made any decisions to get rid of any our assets. If we see rising consumption and growing middle class then we must stay in this market. We are developing this business, we believe in its potential, in its future,” Mordashov said.

Some media reported earlier that Severstal is considering proposals from potential investors to sell its two US plants in Michigan and Mississippi. The Wall Street Journal reported citing sources that Severstal was ready to sell the plants for more than US $1.5 billion. US Steel and Companhia Siderurgica Nacional were mentioned among contenders.

Mordashov also said that the US and the EU sanctions “have not brought and will not bring any positive results (for the West)”.

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