Marcegaglia Carbon Steel, a subsidiary of Italy's Marcegaglia, has completed the acquisition of 100% of Russian steelmaker Severstal's Latvian unit SIA Severstal Distribution (SSD) after receiving approval from the Latvian government and the European Commission's competition division.
Marcegaglia said that the funds required for this acquisition have not yet been paid to Severstal. The funds will remain frozen in an escrow account as long as EU sanctions remain in place. The company will be renamed SIA Marcegaglia Baltics, a service centre for carbon steel.
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