Severstal shoring up SeverCorr holding via $84.4M buy

Dec 04, 2007 | 10:54 AM | Renate F. Mas

JSC Severstal, Cherepovets, Russia, will pay $84.4 million to consolidate its holding in SeverCorr LLC, Columbus, Miss.

It comes through the purchase of holding company Baracom from Alexei A. Mordashov, the Russian steelmaker's chief executive officer, the company said. Baracom owns 18.5 percent and controls 79.9 percent of SeverCorr. When the deal closes, Severstal will hold 71.1-percent of the shares in SeverCorr.

"At this favorable price, we believe that the consolidation of our stake in SeverCorr is in the best interests of Severstal's shareholders and adds considerable shareholder value," Chris Clark, Severstal's chairman, said in a statement.....

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