Duferco U.S. Investment Co., a 100% subsidiary of Steel Invest & Finance S.A., owned on a parity basis by Duferco and NLMK, formed a consortium with Esmark to sign a letter of intent with Winner Steel on purchasing the galvanized steel supplier, Novolipetsk Steel said in a news release.
"We welcome this development in the business of our joint venture with Duferco, which stipulates an increase in value-added products and further expansion on the North American market. We are glad to have Esmark, one of the most dynamic companies in the U.S. steel industry, as our partner in this project," NLMK President Alexei Lapshin said.
The deal, which is subject to regulatory approval, is expected to be finalized in the second quarter of this year, the news release said.
In December 2006, Novolipetsk Steel, one of Russia's biggest steel and rolled stock producers, completed the purchase of a 50% stake in the joint venture with Duferco for $805.5 million.
