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Severstal acquired Sparrows Point for $810 million
8.05.2008 14:44
Severstal acquired Sparrows Point for $810 million

OJSC Severstal, the key Russian steel producer, has completed the transaction on acquisition of American Sparrows Point plant. The amount of transaction made up $810 million.
      
      The synergistic effect from the acquisition of the American plant is estimated by Severstal Company at $50 million.
      
      It is instructive to recall that last February the U.S. Department of Justice required ArcelorMittal to sell Sparrows Point plant in order to prevent market concentration seen as a result of merger of Mittal Steel and Arcelor.
      
      source:
      Russian Business
      
      


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