Opposite credit impacts seen from mill deal

Jul 22, 2014 | 02:42 PM | Michael Cowden

Tags  Severstal, Severstal North America, Alexey Mordashov, Steel Dynamics, SDI, AK Steel, Moody's, credit rating Michael Cowden

CHICAGO — Steel Dynamics Inc.’s (SDI’s) credit rating could be hurt by its $1.6-billion acquisition of the OAO Severstal’s Columbus, Miss., mini-mill, although the Russian steelmaker’s sale of its North American assets for $2.3 billion should bolster its own rating, one credit ratings agency said.

Fort Wayne, Ind.-based SDI will pay for the facility with a mix of debt and cash, Moody’s Investors Service Inc. said, noting that the company had $343 million in cash on hand as of March 31.....

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