Russia's largest steelmaker will buy Cyprus' mining and processing assets
Russian largest steelmaker Severstal is likely to buy mining and processing assets from Cyprus? Frontdeal for about $4.33 billion, the company said Wednesday.
Severstal will transfer to the Cypriot company 365,413,374 ordinary registered shares at of 0.01 rubles and placement price of 320.74 rubles (about $11.80) per share in exchange for Frontdeal assets.
Severstal last week agreed a merger with world No. 2 Arcelor that will create the world?s largest steel producer.