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.