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Russian Steel Giant Acquires Cypriot Assets

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.