KIEV, May 31 - Steel-maker OJSC Zaporizhstal has been sold to a group of Russian investors represented by Vnesheconombank.

According to the Internet publication Ukrainska Pravda, the price tag on the deal was $1.7 billion, with the sellers rejecting an earlier $50 million down payment by the major Ukrainian financial and industrial holding SKM Rinat Akhmetov and agreeing to pay a fine of $50 million for having done so.

According to Ukrainskaya Pravda, Zaporizhstal originally concluded a protocol of intent with structures associated with Vnesheconombank that offered the metal company $1.2 billion, but the holding's offer was more lucrative.