Severstal’s metalware segment, Severstal-Metiz, has completed the sale of Severstal-Metiz Welding Consumables, a manufacturer of welding consumables in Russia, to Lincoln Electric Holdings, Inc. (Lincoln Electric). As part of the sale, Lincoln Electric has acquired manufacturing operations and exclusive distribution rights of the Severstal brand of welding consumables. The definitive agreement between the companies was signed in December 2010, and has been under review within the past two months by the Russian regulatory authorities. The sale of Severstal-Metiz Welding Consumables, which had USD 40 million in sales for 2010, will allow Severstal-Metiz to fully focus on its core business, wire and wire products.
