Open Joint Stock Company Magnitogorsk Iron & Steel Works (MICEX:MAGN) has scrapped plans for sale of Belon Public Joint Stock Company (MICEX:BLNG), Magnitogorsk's press office told Interfax. The company stated: "The banks refused to lend and the buyers disappeared.” "Now we're very glad we didn't sell because we're earning money on it thanks to the [ruble's ] devaluation," Sergei Sulimov, Deputy General Director for finance and economics, stated.