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Severstal reports $43.9 mln loss on disposal of its Latvian subsidiary

According to the financial report, "the fair value of the remuneration receivable was estimated to be zero"

MOSCOW, February 2. /TASS/. Disposal of Sia Severstal Distribution, a Latvian subsidiary of the Russian mining and metals company Severstal, cost the parent company 4 bln rubles ($43.9 mln), according to Severstal’s financial report for 2023.

"In April 2023, the group sold 100% of the shares of SIA Severstal Distribution (to Italian Marcegaglia Carbon Steel - TASS), which was classified as held for sale as of December 31, 2022, together with outstanding intercompany receivables to a third party for a consideration to be credited to an escrow account opened by the group, due to restrictive measures of EU legislation. In this regard, the fair value of the remuneration receivable was estimated to be zero," the document says.

Marcegaglia noted that Severstal will not receive payment under the deal while EU sanctions are in effect - the amount will remain frozen on a special account.

"A loss on disposal in the amount of 4 billion rubles was recognized in these disclosed consolidated financial statements in the item 'Other net non-operating expenses,'" according to Severstal’s report.

On March 10, 2023, the European Commission received notification that the Marcegaglia Carbon Steel division plans to acquire SIA Severstal Distribution from Severstal along with its two subsidiaries, Severstal Distribution Sp. (Poland) and Severstal Distribution LLC (Ukraine).

On April 5 it became known that the European Commission had approved this deal.

Marcegaglia is an Italian industrial group operating in the steel sector. It primarily produces carbon steel products, as well as, to a lesser extent, flat and long products made of stainless steel.

SIA Severstal Distribution was founded in 1992 (until the end of 2014 it was called AS Severstallat). Located in Latvia, the company supplies metal products to the countries of Northern, Central and Eastern Europe. The company owns the largest metal service center in the region for processing flat rolled metal and a plant for the production of welded pipes.

About sanctions

On March 2, 2022, Severstal announced the cessation of supplies of steel products to the European Union after the EU imposed sanctions against the main shareholder and chairman of the company's board of directors, Alexey Mordashov, in connection with Russia's special military operation in Ukraine. In June 2022, the US Treasury imposed sanctions against the company and its main shareholder.

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