Evraz Group acquires Italy's Palini & Bertoli

Evraz Group acquires Italy’s Palini & Bertoli

Russian steelmaker Evraz Group furthered its ambition to become a major player in Europe's high value added plates market by acquiring a majority stake in an Italian re-roller. Evraz Group announced on Friday that it acquired a 75 percent plus 1 stake in Italian steel producer Palini e Bertoli S.p.A. The remaining 25 percent minus 1 stake is still owned by Palini's former management. Through the acquisition, Evraz will broaden its sales markets and gain a secure customer base for its slab sales outside of Russia. The acquisition has been financed both by company funds and by loans. Commenting on the move, Evraz CEO Alexander Abramov said that the acquisition, along with the purchase of Czech steelmaker Vitkovice Steel, will strengthen the position of Evraz in the high-value added European steel plate market. Some market players have suggested that Evraz will take complete control of Palini in due time.