OREANDA-NEWS. The European Commission has approved on Tuesday creation of a joint venture estimated at the rate of $1,5 billion by Russian Novolipetsk Iron & Steel Works (NLMK) and the steelmaking company Duferco.

The European Commission, being the main European antimonopoly regulator, has considered creation of the joint venture according to the simplified procedure, which is used only in case if neither competitors, nor consumers are against it. Such transactions always meet with approval.

According to Reuters, NLMK, which shares are placed at the London Stock Exchange, informed that the joint venture will buy assets of Swiss Duferco, including American Duferco Farrell Corp, and also Belgian companies Carsid SA, Duferco Clabecq SA and Duferco La Louviere SA.

The planned purchases also included French Duferco Coating SAS, Sorral SA and Duferco Transformation Europe, and Italian Acciaierie Grigoli SpA.

Duferco was created in 1979 for export of steel from Brazil. The founder of the company Bruno Bolfo left the post in management of the Russian steelmaking company Evraz Group in October 2006.