General director of Severstal Auto buys the company

Severstal Auto General Director, Vadim Shvetsov, has taken a controlling stake in the carmaker, after buying the shares of parent company Severstal from its CEO Alexei Mordashov.

Severstal Auto produces the Russian-designed UAZ jeep, as well as assembling vehicles under license from Fiat, Ssangyong and Isuzu.

Mr Shvedstov says Severstal Auto's development strategy will not change as a result of the deal, but promised to attract top-level foreign experts to serve as independent directors on the company's board.

Earlier, Severstal CEO Alexei Mordashov said he sold his shares to concentrate on its metals business, but declined to reveal the deal's value.