NLMK acquires Beta Steel for $400 million

Vladimir Lisin’s Novolipetsk Steel (NLMK), a Russian steelmaker, has signed a definitive agreement to acquire Beta Steel for approximately $400 million.

Beta Steel is based in Portage, Indiana and will provide unprocessed steel for NLMK’s previous American acquisition, John Maneely Co. (JMC). JMC was acquired in August for $3.53 billion and is headquartered in Beachwood, Ohio. It operates eleven plants in five states and one Canadian province.