Ruukki Group sells Finnish sawmill business

May 26, 2011. /Lesprom Network/. Ruukki Group Plc has signed a definitive agreement to sell its 51% holding in Junnikkala Oy to Junnikkala Oy’s minority shareholders. The total consideration of Euro 6 million will be paid in cash in two parts: Euro 4.5 million on completion and Euro 1.5 million on 31 August 2011, as the company said in a press release received by Lesprom Network. The transaction is expected to be completed by the end of June 2011 and is, inter alia, subject to approval at Ruukki’s Extraordinary General Meeting. Junnikkala Oy is a producer of high quality timber. The revenue for the year ended 31 December 2010 was Euro 59.6 million and the profit before tax Euro 2.6 million. Completion of the transaction is not expected to have a material effect on Ruukki’s 2Q 2011 profit and will conclude the sale of Ruukki's wood processing business. The proceeds will be used in the Company’s mining and minerals processing business.