Evraz Group acquires major stake in Strategic Minerals Corporation

Evraz Group acquires major stake in Strategic Minerals Corporation

Russian steel major Evraz Group has said that they have signed on a deal to buy 73 percent of Strategic Minerals Corporation. The deal is worth around $110 million.

Evraz issued a statement through the London Stock Exchange and said that Japanese trading firm Sojitz Corp. would continue to retain a “strategic” shareholding in Stracor after the acquisition.

Evraz CEO Valery Khoroshkovsky added his views: “The transaction will compensate for the absence of Evraz’s own vanadium processing facilities and will ensure strategic exposure of the Company to attractive markets of high value-added vanadium products.”

Strategic Minerals Corporation is based in Danbury, Connecticut and is one of the world’s leading producers of vanadium alloys and chemicals for the steel, chemical, and titanium industries.