Bloomberg News

Novolipetsk Says Court Tells GAZ to Repay Steel Debt

September 03, 2009

OAO Novolipetsk Steel (NLMK) said a court told OAO GAZ, billionaire Oleg Deripaska’s automaker, to repay 1.09 billion rubles ($34 million) owed for steel supplied under a contract signed in 2008.

The Lipetsk arbitrage court also awarded Novolipetsk 73 million rubles of penalties, the Russian steelmaker said today in an e-mailed statement.

OAO GAZ Deputy Chief Executive Officer Yelena Matveeva wasn’t immediately available for comment.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net


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