20 Dec 2006 07:01
OJSC Novolipetsk Steel20 December 2006 Novolipetsk Steel (NLMK)20 December 2006 Novolipetsk Steel (NLMK) completes transaction creating joint venture withDuferco Group. Further to the announcement on November 27th, 2006, Novolipetsk Steel (LSE:NLMK), a leading Russian steel producer, has completed the acquisition of a 50%interest in a joint venture with Duferco Group that owns and operates a numberof steel production and distribution facilities in Europe and the USA. Thepurchase price of USD805.5 million was financed in full from NLMK's existingcash funds. The purchase price is subject to a post-closing adjustment based on the resultsof the audited financial statements of the joint venture companies for thefiscal year ended 30 September, 2006. The purchase price adjustment is expectedto be completed in the second quarter of 2007. For further information:NLMKAnton Bazulev +7 495 915 1575Financial DynamicsJon Simmons +44 207 831 3113 This information is provided by RNS The company news service from the London Stock Exchange