The Russian steelmaker Novolipetsk Steel (NLMK) has announced the completion of the acquisition of a 100 percent interest in the US-based hot rolled steel producer Beta Steel from a group of private investors for a total consideration of $350 million, i.e. $50 million less than the earlier agreed price.
Beta Steel operates an EAF shop with an annual production capacity of 700,000 mt and a hot rolled strip mill with an annual capacity of 1.1 million mt.
The transaction was financed from existing cash funds.