icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Russian steel giants in $US 600 million merger

Novolipetsk Steel (NLMK) has agreed to buy 50 per cent plus one share of rival metal firm Maxi group. The deal, worth $US 600 million, gives NLMK a controlling stake in Maxi and increases its share of the building steel market.

NLMK will take on Maxi's estimated debt of $US 1.8 billion as part of the purchase.

Maxi's founder, Nikolai Maximov, will retain ownership of the rest of the company.

Ekaterinburg-based Maxi plans to raise steel production by almost 250% in the next five years.

Podcasts