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Evraz Completes Acquisition of Vanady-Tula
12/16/2009 - Evraz Group’s wholly owned subsidiary, the Nizhny Tagil Iron and Steel Plant, has acquired 82.9% of the voting shares of OAO Vanady-Tula, a Russian producer of ferrovanadium.
Evraz Group’s wholly owned subsidiary, the Nizhny Tagil Iron and Steel Plant, has acquired 82.9% of the voting shares of OAO Vanady-Tula.
The deal was financed from the deposit of about US$100 million at a current exchange rate provided by Evraz Group in December 2007 to secure a call option; therefore, no cash outflow is required.
All necessary regulatory approvals have been received.
Evraz says that OAO Vanady-Tula is the largest Russian producer and one of the leading world producers of ferrovanadium, which is widely used in the steel industry as an alloying agent to make high-quality steel. The company expects its acquisition of Vanady-Tula to expand its vanadium processing capacities and strengthen its position on Russian and world vanadium markets.
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