Thursday, September 4, 2008

Moscow-based Novolipetsk Steel Buys Beta Steel

Novolipetsk Steel, the leading Russian steel producer, has signed a definitive agreement to acquire Beta Steel, a U.S. hot-rolled steel producer, from a group of private shareholders for an all cash consideration of $400 million, on a debt free, cash free basis.

The transaction is subject to customary regulatory approvals and is expected to close in the fourth quarter of 2008. The sale is reported by Inside INdiana Business today.

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