Severstal Hold Talks with Swedish Volvo on Possibility of Cooperation

Managers of the Severstal metallurgical complex in Cherepovets (Vologda Region) and representatives of Volvo met on Tuesday, December 17, to discuss the possibility of future cooperation between the two companies. According to the Severstal press office they discussed the possibility of Volvo buying metal from the metallurgical complex and also the possible production of Volvo component parts at SSM-Tyazhmash enterprise which is owned by Severstal-group. Volvo representatives told Severstal managers of their demands for metal-roll and component parts.

Severstal is the leading Russian steel and metal manufacturer and is the leading enterprise of Severstal-Group. The enterprise's charter capital totals USD 173 thousand. There is a total of 22,074,192 Severstal shares. Net profit for 2001 came to USD 160 million while sales proceeds totaled USD 1.65 billion.

Volvo is the leading European manufacturer of buses, cars, lorries and special technology.

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