Thursday, November 09, 2006

Russia's Novolipetsk in discussions with Duferco

Ok I am a bit late with this one, as the  news is almost a month old and I missed it.

 Russia's OAO Novolipetsk Steel  is in discussions with the U.S.' Duferco Participations Holding Ltd. to create a joint venture that would acquire certain steel production facilities currently owned by Duferco in Europe and the U.S.

The main companies likely to be bought by the joint venture include Duferco Farrell Corp. in the U.S., Carsid SA, Duferco Clabecq SA and Duferco La Louviere SA — all in Belgium, France's Duferco Coating SAS, Sorral SA and Duferco Transformation Europe, and Acciaierie Grigoli SpA. in Italy.

The transaction, which is subject to the execution of a definitive agreement and regulatory approval, will probably be completed by the end of the year.

International Herald Tribune story Link 

Following on from this story the owner of Duferco has since resigned from the board of Evraz which is a rival Russian steelmaker.


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