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Russian Severstal consolidates 71.1% of SeverCorr

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MOSCOW, January 9 (RIA Novosti) - Severstal, Russia's top steel producer, has acquired 100% of Baracom Limited, consolidating 71.1% of U.S. - based company SeverCorr's shares as a result, the company said in a statement on Wednesday.

Plans for the $84.4 million deal were first announced by the company in December. Baracom owned 18.5% of SeverCorr stock and these shares were bought from Severstal's general director Aleksei Mordashov, bringing the company's shares in its joint venture with the U.S. SteelCorr company to 71.1%.

Severstal also said in a statement that the full consolidation of SeverCorr financials would begin in 1Q 2008.

SeverCorr can now produce 1.3 million tons of high-quality rolled steel per year with 1.5 million tons at full capacity. The company's capacity is expected to double in 2011.

The company employs 450 people and makes products for car manufacturers, as well as the construction, pipe-making and machine-building industries.

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