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. Last Updated: 07/27/2016

Severstal Buys Stake in Core

Severstal bought 16.5 percent of iron-ore developer Core Mining and may add to the stake as the cost of the raw material surges because of rising demand from Asia.

Severstal paid $15 million for the initial holding and has an option to invest another $40 million for an increased share, spokesman Sergei Loktionov said Thursday.