Severstal pays 4.7 billion rubles for Ventall assets

MOSCOW. Feb 2 (Interfax) - Severstal has paid 4.7 billion rubles for two assets of the Ventall company in the Kaluga and Tula regions, the company said in a consolidated financial statement.

Severstal announced the deal in January to purchase Ventall's assets and a production complex in Cherepovets. The capacity of the three assets will allow the company to produce 126,000 tonnes of metal structures per year. Ventall Steel Solutions will produce 48,000 tonnes of the total and Severstal Steel Solutions will produce another 48,000 tonnes following implementation of the investment project to expand capacity by 2025, and the Cherepovets-based production complex will produce the remaining 30,000 tonnes.

Ventall Group was established in 1991, and Finland's Rautaruukki steel-based manufacturing concern owned the group under the name Ruukki Rus from 2006 to 2018. Severstal will not own the remaining two Ventall-Kama and Ventall-Don enterprises.