Interfax reported that the Russian Federal Antimonopoly Service has allowed the Evraz Group's Nizhny Tagil Iron & Steel Works to acquire 90.84% in OJSC Vanadium-Tula setting a number of requirements.

Ukraine Antimonopoly Committee in June this year allowed the Cyprus based Evraz Group member Mastercroft Limited to acquire over 50% in Vanadium-Tula.

Mr Alexei Agureyev vice president for PR of Evraz said "The deal has not yet been done. LLC Sibmetinvest and NTMK filed the request with the FAS to acquire 90.84% of Vanadium-Tula in September 2009. The FAS granted the request on November 2nd. The law allocates one year from the date permission has been received to complete the transaction."

He said the regulator's approval was needed because Vanadium-Tula was one of the biggest ferrovanadium and Nitrovan vanadium producers.

Vanadium-Tula is one of world's leading producers of vanadium compounds. Siberian Mining and Metallurgical Company bought the plant from OJSC Koks a member of the Industrial metallurgical Holding, at the end of 2007. The plant used slag supplied by Evraz steel mills as feedstock.

(Sourced from Interfax)