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Severstal Increases Stake in Joint Venture with Linde

Steel News - Published on Fri, 10 Jul 2020

Image Source: Severstal Linde
PAO Severstal announced the closure of a deal to increase its stake in a joint venture with German Linde GmbH for the production of spiral-wound heat exchangers for use in medium and large-capacity LNG and natural gas processing plants. Following the close of the transaction, Severstal will control a 50% stake in the joint venture. The company was established in June 2017 as part of the localization of production of SVTO in Russia. As previously reported, in July 2019, Severstal signed an agreement to purchase a 26% stake in the joint venture with Linde.

The company's increase in its share in the joint venture is fully consistent with one of the key priorities of Severstal's updated strategy - providing an excellent customer experience by providing high-tech customized solutions to the energy industry.

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Posted By : Yogender Pancholi on Fri, 10 Jul 2020
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