Tuesday, November 28, 2006

European steel makers strike deal

 MOSCOW: Novolipetsk Steel, the Russian steel maker owned by the billionaire Vladimir Lisin, has agreed to form a $1.6 billion joint venture with Duferco Group of Switzerland to make and distribute steel in the United States and Europe. Novolipetsk, or NLMK, will pay $805 million for 50 percent of the venture, which will control 22 companies owned by Duferco, Novolipetsk said in a regulatory filing Monday. The 22 companies, including Duferco Farrel in Pennsylvania, had combined sales of $2.6 billion in the year ended Sept. 30, 2005, and output of 4.5 million tons of finished product the following year.

Source:  Full Story- International Herald Tribune


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