Severstal buys Victory Industry

The Russian steelmaker Severstal has announced the acquisition through its subsidiary STOIK of machine-building US-based company Victory Industry, Inc. STOIK's general manager, Dmitry Romanov, commented that the main purpose of the acquisition of Victory Industry is the development of the equipment service base of Severstal North America, which Severstal purchased in 2004. Mr. Romanov also added that Severstal will invest in the development and modernization of Victory Industry.