Upon the completion of its full acquisition of Steel Invest and Finance (SIF), Russian steelmaker Novolipetsk Steel (NLMK) has renamed Verona, Italy-based steelmaker Verona Steel as NLMK Verona. The company produces forged ingots and thick plates.
As previously reported by SteelOrbis, in late April this year NLMK had signed definitive agreements to purchase a 50 percent interest in Steel Invest and Finance (SIF) from Duferco Group (Duferco) for an all-cash consideration of around $600 million, payable in four equal annual installments. SIF was a joint venture formed between Swiss group Duferco and Russian steel producer NLMK.