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Severstal to sell Redaelli Tecna unit to Austrian metal wire rope company

PAO Severstal said Jan. 23 that subsidiary JSC Severstal-Metiz entered into a definitive agreement with Austrian metal wire rope company Teufelberger Wirerope GmbH for the sale of the former's Redaelli Tecna SpA.

Redaelli Tecna has 330 employees and generated €91.7 million in revenues in 2015.

Severstal stated that it expects to close the deal in the first half, subject to antitrust clearances and other conditions.