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American Steel Producer acquired by Russian Severstal
5.08.2008 16:48
American Steel Producer acquired by Russian Severstal

SeverStal has completed acquisition of Esmark Inc., American steel manufacturer, for $1.285 billion. Esmark entered a merger agreement with SeverStal Wheeling Acquisition Corp., a subsidiary of Russian SeverStal Company, which resulted in acquisition of the American company. Following the transaction Esmark was renamed Severstal Wheeling Holding Company and became a 100% subsidiary of SeverStal.
      
      Presently SeverStal owns several steel assets in North America, among them are Dearborn producing 3.3 million tons of steel annually, WCI 1.2 mn tons, Sparrows Point 3.6 mn tons and SeverCorr 1.5 mn tons.
      
      source:
      Russian Business


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