The Russian steel producer Novolipetsk Steel (NLMK) has announced that its wholly-owned subsidiary NLMK International B.V. has completed the acquisition of 100-percent stakes in two steel trading companies, Cyprus-based Novexco Limited and Switzerland-based Novex Trading S.A., from United Steel Group (USG) for a consideration of €77.1 million.
The acquisitions are in line with NLMK's strategy of establishing an international trading division within the company, which will make it possible to better control the company's export sales and further enhance its presence in core export markets.