Russian company purchases stocks of US steelwater mining

Norilsk Nickel's purchase of the stock of US Steelwater Mining can become a breakthrough in Russian-American economic relations, believes Russian Deputy Foreign Minister Andrei Denisov.

In compliance with the transaction, envisaged by the agreement of stock sale of November 20, 2002, Steelwater issued over 45 million additional equities that account for about 51 per cent of the company's stock capital.

The shares were sold to Norimet, a full branch of Norilsk Nickel. It is the first transaction of this kind in the history of Russian-American trade and economic relations.

This testifies to improved positions of the Russian business on the US market, Denisov believes.

Steelwater is the US only producer of palladium and platinum and the largest platinum metals producer outside South Africa and Russia.

Norilsk Nickel is one of the world's leading mining and metallurgic companies and the world's largest producer of nickel and palladium.