The Russian steelmaker Severstal has announced its acquisition of cargo company Neva-Metal and freight forwarding company Neva-Metal Trans for $100 million. This move was designed to set up an independent export-logistic operator and therefore to strengthen Severstal's position in the export markets.
Neva-Metal and Neva-Metal Trans both operate in the Baltic Sea port of St. Petersburg, which is the main outlet for Severstal's exports to Europe and the USA.
Commenting on the issue, Severstal's CEO Mr. Alexey Mordashov said, "This investment is very important from a logistics point of view for the company's business units in Russia. Additionally, we believe that this investment will add value and increase our export potential".