Posted in | News | Ferrous Alloys and Metals | Business | Iron and Steel

Russian Steel Manufacturer Completes Buyout of Subsidiaries

Jul 23 2008

Novolipetsk Steel has completed its buyout of the minority shareholdings in OJSC Dolomit, OJSC Stagdok and OJSC Altai-koks. As a result, NLMK now owns 100% of the charter capital of these companies. As previously announced on 23 May 2008, in accordance with the Russian legislation, NLMK posted a mandatory offer to the minority shareholders of Dolomit, Stagdok and Altai-koks to purchase their ordinary shares.

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As part of the buyout, NLMK acquired:

  • 2.0205% of Dolomit charter capital, obtaining 100% control over the enterprise. The price of the acquired shares amounted RUR 913 .26 per share. The total amount paid to the shareholders reached RUR 22,834,239.78.
  • 2.5629% of Stagdok charter capital, obtaining 100% control over the enterprise. The price of the acquired shares amounted RUR 3,981.56 per share. The total amount paid to the shareholders reached RUR 28,137,684.52.
  • 1.5646% of Altai-koks charter capital, obtaining 100% control over the enterprise. The price of the acquired shares amounted RUR15.14 per share. The total amount paid to the shareholders reached RUR 234,075,709.58.

The buyout of Dolomit, Stagdok and Altai-koks shares will enable NLMK to more efficiently manage these subsidiaries.

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