Severstal to spin off Nordgold by end of Jan. 2012

Russia’s largest steelmaker Severstal plans to spin off its gold mining unit Nordgold by the end of January 2012, the company said in a statement on Wednesday. Under the separation scheme, Severstal’s subsidiary Lybica Holdings B.V. (Lybica), a full Nordgold owner, will exchange its 100 percent stake in Nordgold for Severstal shares and GDRs held […]