Deals
Magnitogorsk Waits for Iron Rebound to Sell Fortescue Stake
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OAO Magnitogorsk Iron & Steel plans to wait for a recovery in the iron ore market to sell its 5 percent stake in Fortescue Metals Group Ltd.
Magnitogorsk is looking for higher prices, which may happen if there’s a merger between major suppliers that reduces some of the oversupply, Chief Financial Officer Sergey Sulimov said in an interview on Aug. 13. Without consolidation, low prices and slowing demand may persist for a decade, according to Sulimov.