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1

Mass Media Overview

Severstal increases stake in JV with Linde to 50%

10.07.2020 11:26

Severstal increases stake in JV with Linde to 50%

https://world-news-monitor.com/

TASS Russian News Agency | Jul 9, 2020 at 2:48 PM

MOSCOW, July 9. /TASS/. Severstal has increased its stake in Linde Severstal, the joint venture with Germany's Linde GmbH for production of spiral would heat exchangers used in natural gas processing and liquefaction facilities, to 50%, the Russian company said on Thursday.

Severstal purchased 24% of shares in JV from Linde. Companies do not disclose the transaction amount. Severstal entered JV in August 2019 by acquiring the 26% participation interest from Power Machines.

"The increase of the stake in JV has become a logical step of expanding the presence on the dynamically developing market of LNG production, storage and transportation. The JV load with orders is approaching 100% for the time being and there is an opportunity of further expanding production capacities. In December 2019, JV received its first export order with supply in 2021," chief executive of Severstal Alexander Shevelev said, cited in the statement.

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