Severstal selling N. America coal assets

Jul 15, 2014 | 05:48 PM | Thorsten Schier

Tags  Severstal, coal, PBS Coals, asset sale, Corsa Coal, Thorsten Schier

NEW YORK — OAO Severstal is selling its North American coal assets to Canada’s Corsa Coal Corp. for an enterprise value of $140 million.

The Moscow-based steelmaker purchased the assets in 2008 for about $1 billion (, Oct. 27, 2008).

Friedens, Pa.-based PBS Coals Inc. produces 3.3 million tonnes of raw coal annually, of which 55 percent is coking coal and 45 percent is steam coal, according to its website. ....

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