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Severstal acquires WCI Steel for $140 million
19.05.2008 16:01
Severstal acquires WCI Steel for $140 million

Severstal, Russian key steel producer, is completing the transaction on acquisition of American WCI Steel.
      
      Having paid $140 million for the plant the Russian company takes up $187 million of the plants debts.
      
      Severstal expects the WCI to bring $24 million profit by 2012, though analysts suppose the Russian steel-manufacturer acts unwise when acquires American bankrupt companies.
      
      WCI Steel is the fourth Severstals asset in the USA. In 2003 the company purchased Rouge Industries for $285.5 million. In 2007 Severstal became the major shareholder in SeverCorr and in April of 2008, the company completed the acquisition of Sparrows Point for $810 million.
      
      source:
      Russian Business


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