NLMK completes DanSteel takeover

NLMK completes DanSteel takeover

Russia's third largest steelmaker Novolipetsk Steel (NLMK) completed the 100 percent acquisition of Denmark based DanSteel for $104 million. The deal has been financed fully from NLMK's existing cash funds. According to Mr. Anton Bazulev, NLMK's spokesman, “This deal demonstrates the strong commitment of NLMK to controlled international expansion and to increase downstream production capacities.” SteelOrbis had informed NLMK's intention on January 06, 2006.