Magnitogorsk May Sell Iron Ore Project

Bloomberg reported a Russian steel company, Magnitogorsk (LSE:MMK) may sell its iron ore property.

As quoted in the market news:

The stake in Bakalskoye Rudoupravleniye, as the unit is called, may be valued at about $120 million, the newspaper said. Magnitogorsk is seeking to hire a bank to help find a buyer after it failed to resolve a conflict with owners of the remaining 49 percent of the unit.

Click here to read the full Bloomberg report.