SDI, AK buying Severstal US assets for $2.33B

Jul 21, 2014 | 12:14 PM | Michael Cowden

Tags  Severstal, Steel Dynamics, SDI, Mark Millett, AK Steel, James L. Wainscott, mergers, acquisitions Rouge

CHICAGO — Russian steelmaker OAO Severstal has agreed to sell its North American assets to Steel Dynamics Inc. (SDI) and AK Steel Corp. for a combined $2.33 billion, leaving the U.S. market after a decade establishing itself as an important domestic player.

The deal will see Fort Wayne, Ind.-based SDI buy Severstal’s mini-mill in Columbus, Miss., for more than $1.6 billion, while West Chester, Ohio-based AK Steel will pay $700 million for Severstal’s integrated mill in Dearborn, Mich., according to a release from the three companies.

The deal is expected to close by the end of 2014 pending board approvals and other customary conditions, the companies said.....

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