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05 May 2008
Severstal's hardware unit ups stake in Ukrainian plant to 95%
Severstal-Metiz, the hardware division of Severstal (RTS: CHMF), has increased its stake in Ukraine's Dniprometiz plant to 95% from 60%, the Russian company said in a press release.Severstal bought the 60% of the Dnipropetrovsk-based Dniprometiz for $33 million from Ukraine's TAS industrial group in February 2006. Severstal also received an option, which it has exercised, to buy another 35% of the shares. The option expired in February this year.
Severstal obtained clearance from Germany's anti-trust regulator to increase the stake in the Ukrainian plant in March this year and has said it did not require further regulatory approvals.
Severstal-Metiz said in its press release that it planned to deliver an extensive investment program at Dniprometiz in the next three years.
"Dniprometiz is an interesting asset for us, one that carries a number of advantages over our Russian plants, such as better production factors and freight tariffs, and good logistics," the release quoted Olga Naumova, Severstal-Metiz's director, as saying.
"We intend in the near future to turn it into a modern hardware plant which produces value-added goods that meet European standards," Naumova said.
Severstal-Metiz includes the Cherepovets, Volgograd and Oryol hardware plants in Russia, Dniprometiz in Ukraine and Carrington Wire Limited in Britain, acquired in April 2006. It produces up to 1.13 million tonnes of hardware per year.
Interfax
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