Severstal NA on sales block
May 12, 2014 | 08:43 AM
| Michael Cowden
CHICAGO Severstal North America Inc. is up for sale after a bidding process officially kicked off last week, capping months of speculation that the steelmaker might be on the auction block, sources familiar with the matter told AMM.
Bids for both of Dearborn, Mich.-based Severstal NAs facilitiesan integrated mill in Dearborn and an electric-arc (EF) furnace operation in Columbus, Miss.were reported to be in the mid-$2-billion range, although some offers were said to be significantly lower, market sources told AMM.
Severstal declined to comment.
Steelmakers in North America, Brazil and Japan, as well as at least one private equity firm, are involvedor are expected to become involvedin the bidding process, the market sources said.
The official deadline for bids was May 8 but has been extended for some bidders or potential bidders, market sources said. Severstal aims to choose two or three finalists within the next two weeks and a winning bid within about two months, they said, while closing could take an additional six months.....
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