Novolipetsk acquires controlling stake in Russian seaport

Novolipetsk acquires controlling stake in Russian seaport

According to recent news in the market, one of the major Russian steel producers Novolipetsk has acquired controlling stake in Russian seaport for $100 million with the purpose of increasing its exports. Accordingly, Novolipetsk's share in the Black Sea port of Tuapse has increased to 69.4%. The government holds 25% stake in the port. The shares are purchased from transport firm Severstaltrans, which is affiliated to Novolipetsk domestic rival Severstal.