NLMK one of the world leading steel companies, is pleased to announce the completion of the previously announced deal to purchase the remaining 50% interest in Steel Invest and Finance from Duferco Group.

The transaction will result in SIF becoming a 100% owned indirect subsidiary of NLMK.

The cash consideration for the transaction is $ 600 million payable in four equal annual installments. The Company will finance the transaction out of existing funds.

As part of the transaction, SIF has transferred to Duferco Group certain non core assets consisting of long products operations with 0.3 million tonnes per annum capacity and Belgian steelmaking operations with 3 million tonnes per annum capacity.

The acquired SIF rolling assets are consolidated on NLMK’s balance sheet from July 1 2011. The EU regulatory authorities have already granted clearance to this acquisition.

Steel Invest and Finance SA comprises rolling assets located in Europe and the US with a total capacity of over 5.5 million tonnes per annum. European facilities with a capacity of around 2.6 million tonnes per annum produce a variety of flat products, including hot rolled, cold rolled, galvanized and pre painted steel. European assets also include facilities for the manufacture of thick plates, with a capacity of around 1.35 million tonnes per annum. SIF’s US based flat steel production facilities have a total capacity of 1.8 million tonnes per annum, including 0.8 million tonnes per annum of galvanized steel. Around 75% of SIF’s products are sold to the machine building sector. In 2010 Steel Invest and Finance SA produced 3.2 million tonnes of flat steel.