Severstal-Vtormet, a scrap processing subsidiary of the Russian steelmaker Severstal, has announced that it has completed the acquisition of Nizhniy Novgorod region-based scrap processor Stalinvest.
As a result of the acquisition, Severstal-Vtormet will control Stalinvest's 17 scrap processing yards in Nizhniy Novgorod.
By 2010, Severstal-Vtormet plans to process about 15,000 mt of industrial scrap a year at Stalinvest's yards.
Currently, Severstal-Vtormet processes about 1.472 million mt a year.