Severstal will buy RG’s stake in MSC for $30M

Jun 23, 2014 | 02:11 PM | Michael Cowden

Tags  Severstal, Severstal Holdings, Severstal North America, Severstal NA, RG Steel, Renco Group, Ira Rennert, Mountain State Carbon bankruptcy

CHICAGO — Severstal US Holding LLC has agreed to purchase bankrupt RG Steel LLC’s stake in coke producer Mountain State Carbon LLC (MSC) for $30 million.

The deal is part of a settlement aimed at ending years of legal wrangling between Dearborn, Mich.-based Severstal North America Inc. and RG Steel, according to documents filed in U.S. Bankruptcy Court in Delaware. Objections to the settlement are due by July 8 and a hearing on the issue is scheduled for July 15.....

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