As many as 1,897,078,800 ordinary registered shares without documents, which makes up 17.82% of the company's authorised capital, were put up for public sale.
The bidding increment at the auction was set at $2 million.
The auction lasted exactly two minutes, with five companies participating in it.
U.G.F.I.S. Structured Holdings Limited was the first to confirm the starting price. No offers to increase the price came from the other participants in the auction. For this reason, the company, which made the bid, was recognised as the winner of the auction.
A total of 12 companies were let to participate in the auction but seven potential participants did not appear at the auction. Their list includes the Novolipetsk iron and steel combine, the Mechel Steel Group and structures affiliated with it.
The Magnitogorsk iron and steel combine is a large enterprise of Russia's ferrous metallurgy. Its share in the sum total of metal products sold on the Russian domestic market reaches 20%. The combine is ranked 16th in the rating list of the world's largest steel companies.
