Russia’s Largest Steelmaker EvrazHolding Acquires 75% of Italy’s Palini Steel Plant
EvrazHolding, Russia’s largest steel producer, has acquired a 75 percent plus one share stake in Italian Palini e Bertoli iron and steel works, a spokesman for the Russian company said on Friday, Aug 12. The remaining 25% of shares minus one share are still owned by the former management of Palini.
The acquisition was financed using company funds, and through borrowing. A share price at purchase was not announced.
The company said the acquisition would allow EvrazHolding to enter new international markets using Palini’s advantages as a sheet metal producer, and to gain a reliable client base for selling steel slabs outside Russia.
Mining and metallurgy group EvrazHolding is one of the world’s largest steel producers. It produces 100 percent of Russia’s rails, 80 percnet of beams and channels, about 40 percent of long products, and about 40 percent of rebar production. The company produced 13.7 million tons of steel in 2004.
The group comprises Nizhny Tagil, West-Siberian and Novokuznetsk Iron and Steel Plants, Vysokogorsky and Kachkanarsky Ore Mining and Processing Plants, Raspadskaya Mine, and the Yuzhkuzbassugol and Neryungriugol companies.
The acquisition was financed using company funds, and through borrowing. A share price at purchase was not announced.
The company said the acquisition would allow EvrazHolding to enter new international markets using Palini’s advantages as a sheet metal producer, and to gain a reliable client base for selling steel slabs outside Russia.
Mining and metallurgy group EvrazHolding is one of the world’s largest steel producers. It produces 100 percent of Russia’s rails, 80 percnet of beams and channels, about 40 percent of long products, and about 40 percent of rebar production. The company produced 13.7 million tons of steel in 2004.
The group comprises Nizhny Tagil, West-Siberian and Novokuznetsk Iron and Steel Plants, Vysokogorsky and Kachkanarsky Ore Mining and Processing Plants, Raspadskaya Mine, and the Yuzhkuzbassugol and Neryungriugol companies.