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Russian steelmaker Severstal becomes sole owner of former JV with Spain's Windar

A view shows the plant of steelmaker Severstal in Cherepovets

MOSCOW (Reuters) - Russian steelmaker Severstal has acquired a St Petersburg holding company that controls a majority stake in a joint venture previously owned by Spanish firm Windar Renovables.

The acquisition of New Solutions and Technologies LLC makes Severstal the sole owner of its former joint venture with Windar, which manufactures towers for wind turbines.

Severstal has owned 100% of the holding company since April 8, a state register shows.

Severstal declined to comment.

Windar Renovables extricated itself from the joint venture in December 2023, making it one of many Western companies to exit Russia since Moscow despatched tens of thousands of troops to Ukraine in February 2022.

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The Spanish company had been exploring a sale of its 51% stake in the joint venture to Severstal, which held a 49% stake, three people familiar with the matter told Reuters in March 2023.

Windar entered Russia in 2018, creating a joint venture with Severstal and state nanotechnology company Rusnano to produce steel towers for wind turbines in anticipation of growing orders from foreign manufacturers.

Severstal bought out Rusnano in 2021, increasing its stake to 49%.

The plant in Taganrog, a port city in southwestern Russia, can produce up to 150 towers per year.

(Reporting by Anastasia Lyrchikova; Writing by Lucy Papachristou; Editing by Mark Potter)