The Russian Federal Antimonopoly Service (FAS) has announced that it has given the green light for a joint venture between Russian steel producer Severstal and Spanish company Gestamp, a manufacturer of steel components and structural systems for the automotive industry.
Accordingly, Severstal has been given the go-ahead to acquire 25 percent plus one share in Spanish-based Todlem S.L, with a view to joint production with Gestamp of stamped auto body parts. The jointly-held company is scheduled to start production in 2010.