Russian businessman Maxim Vorobyev and his Amereus Group have raised his stake in Evraz to 3%, the Russian steel producer said on Monday.
Amereus Group said in a separate statement that its investment is a bet that Evraz’s vanadium business will profit from rising demand because of the element’s usefulness in green energy storage.
“Vanadium represents a strategic component of the global transition to green sources of energy,” the group said in its statement.
It did not disclose the value of the deal or the previous size of its stake in Evraz.
Evraz’s major shareholders include Roman Abramovich, Alexander Abramov and Alexander Frolov.
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