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.