Severstal acquires Carrington Wire

Severstal-Metiz, a daughter company of one of Russia's largest steelmaker Severstal, has received permission from German anti-monopoly authority to purchase Carrington Wire, British's largest independent wire producer. Company's representative said that Severstal-Metiz is currently in acquisition talks with Carrington Wire. Since Germany is a largest export market for Carrington Wire, Severstal's acquisition can be considered as a strategic move to expend its presence on the EU states markets.