OFZ expands in Russia

Alloy maker OFZ Istebné (Vladimír Klocok) has acquired a small plant in Russia, with 20 people making silico-calcium from Evraz, controlled by Roman Abramovich. Silico-calcium is used in making steel. OFZ has been in acquisition talks since late 2015, and would not disclose the transaction value. Since the war in Ukraine, OFZ has been under pressure from cheap Ukrainian competitors who lost access to Russian market and started to expand in the EU. OFZ is trying to enter new markets, too. Last year, its net profit fell 74% to €0.7m and its sales were down 13% to €102.7m.

(HN/1)