Russian NLMK and Swiss Duferco to form JV
Russian steelmaker NLMK and Swiss-based Duferco have agreed a joint venture, after receiving approval from the European Commission last week. Analysts estimate the deal to be worth around $US1.6 billion.
The joint venture will allow NLMK to supply more unrolled steel to Duferco's mills in line with its plans to expand production by 40% over the next 5 years. Duferco will then process the steel further.
Dmitry Kolomytsyn from Aton Capital says the announcement marks a further step towards consolidation in the global steel industry.
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