Severstal’ purchased 25.6 per cent of Iron Mineral Beneficiation Services (IMBS, S. Africa) stock, the companies’ joint press release reads.
The deal will enable Severstal’ to trade IMBS’s patented Finesmelt technology that cuts steel production costs. According to John Beachy (IMBS, CEO), the proceeds will be directed to construction of a plant in the town of Phalaborwa (S. Africa, Province of Limpopo).