Evraz Group completes Vitkovice takeover
Russian steelmaker Evraz Group S.A. announced the completion of its Czech Republic's largest steel mill, Vitkovice Steel takeover.
Evraz will pay approximately €240 million for the Vitkovice Steel acquisition.
Vitkovice Steel mainly produces high quality steel plates for
Russia and
Germany. The strategic location of the Czech Republic and the cheaper labor help make Vitkovice Steel competitive in the EU market.
With Vitkovice Steel, Evraz Group will try to eat into Arcelor's and Mittal's share in the European flat steel market.