Russia's third-largest steel mill, Novolipetsk, has bought a controlling stake in a big Russian seaport for $100 million to strengthen its production-to-export network, a newspaper said on Wednesday.
Vedomosti said Novolipetsk bought 69.4 percent in the Black Sea port of Tuapse from transport firm Severstaltrans, which is linked to Novolipetsk's major domestic steel rival, Severstal.
A big oil and metals export outlet, Tuapse is unique as it is the only Russian port that can load Siberian light crude. Vedomosti said it handled 17.6 million tonnes of cargo in 2003.
Vedomosti quoted a Novolipetsk official as saying that the company, which produced 8.2 million tonnes of steel and products last year, exports about three million tonnes of steel through southern Russia.
The newspaper also quoted a source close to the deal as saying Tuapse cost Novolipetsk, which has long mulled buying a port, about $100 million. Severstaltrans itself paid about $40 million for Tuapse in a deal dating back to 2001-2002.