Finance / Russia
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Carlyle sells US$3.5bn Steel Firm to Novolipetsk
August 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Yet more moves in the steel industry this week, as one of Russia's leading steel makers, Novolipetsk Steel (NLMK), agrees to pay US$3.5bn for US rival John Maneely Company, in a bid to diversify into downstream products. Pipe and tube manufacturer JMC is being sold by private equity firm Carlyle Group for a healthy profit, despite the problems other buyout firms in the US have had exiting investments made during the private equity boom. Carlyle paid US$550mn for the company in March 2006 before merging it with more recent acquisitions Atlas Tube and Sharon Tube. During Carlyle's tenure, sales at