12 May 2008 14:01
NLMK completes the acquisition of international steel trading companies
Novolipetsk Steel, NLMK (LSE: NLMK), the leading Russian steel producer, announces today that its 100% owned subsidiary, NLMK International BV (Netherlands), has completed the acquisition of 100% in Novexco (Cyprus) Limited and 100% of Novex Trading (Swiss) S.A., both trading companies, from the United Steel Group (USG), for EUR 77.1 million.
This transaction is in line with the Company's strategy to establish an international trading department within the Group and is designed to better control the Company's export sales and further enhance its presence in core export markets.
About NLMKNLMK is one of the world's most profitable steel companies, with EBITDA margin over 40%, and one of the three largest flat steel producers in Russia, with over 11 million tonnes of crude steel capacity. NLMK's production facilities are among the most technologically advanced in Russia, producing flat and long steel products in a variety of grades and sizes. For further information visit www.nlmksteel.com
For further information:
NLMK
Boris Krasnojenov +7 495 915 1575
Financial Dynamics
Jon Simmons +44 207 831 3113