CHICAGO Top executives from Steel Dynamics Inc. (SDI) and AK Steel Corp. attended town hall meetings at Severstal North America Inc. steel mills July 23, according to sources familiar with the matter.
Officials from Fort Wayne, Ind.-based SDI, including president and chief executive officer Mark D. Millett, were at a meeting at Dearborn, Mich.-based Severstal NAs Columbus, Miss., mini-mill, market sources said.
Meanwhile, executives from West Chester, Ohio-based AK Steelincluding chairman, president and chief executive officer James L. Wainscottattended a similar meeting at Severstal NAs integrated mill in Dearborn, they added.
A Severstal NA spokeswoman referred questions about the meetings to SDI and AK Steel on July 25.
AK declined to comment, and SDI did not respond.
Severstal holds town hall meetings once per quarter, with the most recent likely scheduled around the end of the quarter in June and not because of the sale of Severstals North American assets, market sources said.
While some were surprised that teams from SDI and AK Steel were touring Severstal NA facilities so soon after their sales were confirmed, others said such visits are standard procedure after an acquisition.
Russias OAO Severstal agreed to sell the assets to SDI and AK Steel for a combined $2.33 billion (amm.com, July 21).