Further to the announcement of September 4, 2008, NLMK has completed the acquisition of a 100% interest in Beta Steel, a U.S. hot-rolled steel producer, from a group of private shareholders for an all cash consideration of USD350 million, on a debt free, cash free basis. The purchase price has been reduced from the original level of USD400 million by USD50 million.

Beta Steel operates an Electric Arc Furnace (EAF) melt shop of 700,000  tpa capacity and a hot strip rolling mill of 1,100,000  tpa capacity.  In FY2007, the company’s sales volume reached 547,000 metric tonnes, revenues were USD324 million, with EBITDA of USD21 million.

The transaction was financed from existing cash funds.