NLMK Group acquires scrap processor

Novolipetsk Steel, a Russian steel company, acquired LLC VMI Recycling Group from a group of shareholders for a total of $28.4 million. VMI owns scrap collection and processing assets located in the Moscow region. Russian regulatory authorities approved the transaction.

VMI operations include four sites located in the Moscow region. Cutting edge equipment allows VMI to process up to 500,000 tons of ferrous scrap per year.

NLMK’s current cash funds and existing credit lines will be used to finance the transaction.