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. Last Updated: 07/27/2016

MMK May Hock Aussie Stake

Magnitogorsk Iron & Steel may use its $569 million Australian dollar ($514 million) stake in iron ore producer Fortescue Metals Group as collateral to raise funding.

Oleg Fedonin, Magnitogorsk’s chief financial officer, said the company hasn’t made a decision on what to do with its interest of about 5 percent in Fortescue.

(Bloomberg)