OREANDA-NEWS. On March 16, 2007 Severstal (RTS: CHMF; LSE: SVST) has acquired the Dearborn, Michigan-based Victory Industries Inc., which manufactures and repairs  spare parts and components for metallurgical equipment for $885 thousands.
Severstal acquired the asset via its services subsidiary ZAO Firma STOIK, reported the press-service of Severstal.
"The main reason for buying the assets of Victory Industries Inc is to develop  equipment  servicing  for  Severstal  North  America, which Severstal acquired in 2004," said Dmitry Romanov, the director of STOIK.
STOIK's management, when planning the development prospects and additional  investment  in  Victory Industries Inc's existing assets, is not ruling  out  cooperation  with other nearby industrial enterprises.