NLMK acquires 50% in JV with Duferco

The Russian steel producer Novolipetsk Steel (NLMK) has completed the acquisition of a 50 percent stake in the newly-established Luxembourg-based joint venture (JV) company, Steel Invest & Finance SA. The other 50 percent in the JV is taken by the Guernsey-based Duferco Group. The purchase price of $805.5 million, which was financed from NLMK's existing cash funds, is subject to a post-closing adjustment based on the result of the audited financial statement for the companies owned by the new JV for the fiscal year ended September 30, 2006. The purchase price adjustments, if any, are expected to be completed in the second quarter of 2007.