Russia's MMK Returns to Profit, Helped by Fortescue Stake Sale

  • Steelmaker sold $68 million stake in Australian iron ore miner
  • Company reports $157 million net profit on sale, steel price

Magnitogorsk Iron & Steel OJSC confirmed it sold part of its stake in Australian iron ore miner Fortescue Metals Group Ltd., helping Russia’s third-largest steelmaker return to profit and reduce debt.

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