Renova will support Swiss-based Schmolz & Bickenbach AG in an attempt to diversify its business.

      The company may spend up to 625 million Swiss francs as part of the plan to revamp the steelmaker’s capital.

      In March, Renova’s Viktor Vekselberg raked in a staggering $7 billion for its stake in TNK-BP, promising to channel much of that free cash into the Russian economy.

      In Switzerland, Renova also controls Oerlikon AG, a market leader in semiconductors, and owns a 30 percent stake in Sulzer, a major global manufacturer of high tech equipment.