The Russian steelmaker Novolipetsk Steel (NLMK) has announced the acquisition of shares in subsidiaries of Maxi-Group, the steel producing subsidiary of NLMK. The total value of the acquired shares amounts to Ruble 1.39 billion ($44.5 million).
Accordingly, NLMK has acquired 32 percent of the charter capital of Nizhneserginsky Metalware-Metallurgical Plant (NSMMZ), 100 percent of the charter capital of Uralvtorchermet, and 47.99 percent of Urals Precision Alloys Plant (UZPS).
The auction was conducted to meet Maxi-Group's obligations under previously taken loans.
The acquisition of the NSMMZ, Uralvtorchermet and UZPS shares will allow the more efficient management of these subsidiaries by NLMK.