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Steel giant pays half a billion for Russian turbine maker

Steel giant Severstal has won the bid for a 25% stake in turbine maker Power Machines. Aleksey Mordashov, Severstal's CEO, is paying nearly half a billion dollars for the stake, through his company Highstat Limited.

Unified Energy System is selling all its assets as it seeks to raise investment to fund an overhaul of Russia's power sector. Severstal already owns 30% of Power Machines.

Germany's Siemens, which has a 25% share in the company, wanted to increase its stake, but Russian rules limiting investment in strategic companies stopped it from doing so.