SDI, AK buying Severstal US assets for $2.33B
Jul 21, 2014 | 12:14 PM
| Michael Cowden
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 Severstals mini-mill in Columbus, Miss., for more than $1.6 billion, while West Chester, Ohio-based AK Steel will pay $700 million for Severstals 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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