The Russian steelmaker Severstal has announced the purchase of an additional nine percent stake in its Italian subsidiary Lucchini for €85.2 million.
Severstal bought the additional stake in Lucchini through its 100 percent-owned subsidiary Upcroft, thus increasing its stake in the Italian steelmaker to 79.82 percent.
Commenting on the deal, Severstal CEO Alexey Mordashov said, "We are delighted to be increasing our investment in Lucchini. It is a great business which contributed $3.3 billion of revenues to Severstal in 2006. We plan to continue to invest in the business to further improve productivity and efficiency."