Evraz Group subsidiary, Nizhny Tagil Iron and Steel Plant (NTMK), has bought 82.9% of shares of Vanady-Tula.

Vanady-Tula is the largest Russian producer of ferrovanadium, which is used in the steel industry as an alloying agent to make steel. The deal was financed from a $100M deposit provided by Evraz in December 2007 to secure a call option, and therefore does not require any cash outflow.

The acquisition of Vanady-Tula will allow Evraz to expand its vanadium processing capacities and strengthen its position on the Russian and world vanadium markets.