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RUSSIA’S SEVERSTAL SELLING US PLANTS FOR $2.3B

Updated [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] Updated
12:45 AM HST, July 21, 2014
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NEW YORK (AP) — Russian steel company Severstal is exiting the U.S. market,
selling a pair of steel plants to AK Steel and Steel Dynamics for about $2.33
billion.

Word of a possible sale began to circulate earlier this year as the West
threatened sanctions against Russia for its activity in the Ukraine, but
Severstal has not among those companies targeted by those actions.

Steel Dynamics Inc. said Monday that it will pay about $1.63 billion for
Severstal Columbus, which is located in northeast Mississippi. The acquisition
will increase Steel Dynamics’ annual steel shipping capacity by approximately 40
percent to 11 million tons.

Steel Dynamics, based in Ft. Wayne, Indiana, anticipates the deal will
immediately add to its earnings per share.

The boards of both companies have approved the sale, which is expected to be
completed before year’s end.

Advertisement


Separately, AK Steel Holding Corp. said that it is buying Severstal’s steel
plant in Dearborn, Michigan for $700 million. The deal also includes a coke
making plant and interests in three joint ventures that process flat-rolled
steel products.

The West Chester, Ohio steelmaker said that the Dearborn plant is located close
to many of its customers and that the assets it is getting in the sale
complement its existing carbon steel operations. The company expects the
transaction to immediately add to its earnings and generate about $50 million in
annual cost savings.



AK Steel said it has no plans to stop operations at any of its current
steelmaking or steeling finishing plants. It anticipates the deal closing in the
fourth quarter.

    
by Taboola by Taboola 
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Judge allows testing of tissue from George Floyd as officer convicted of killing
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Prince Andrew's Chinese spy drama again pushes King Charles III to rein in
scandal-prone brotherHow do you solve a problem like Prince Andrew? That’s the
question facing King Charles III as the drama surrounding his 64-year-old
brother roils Britain and the monarchy once again.AP News


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About 3 dozen high-rise buildings in South Florida are sinkingAlmost three dozen
high-rise condos and luxury hotels are sinking or settling along South Florida
beaches.AP News


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Indiana man who killed brother, 3 others will be put to death in state's 1st
execution in 15 yearsIndiana officials are set to carry out the state's first
execution in 15 years on a man convicted in the 1997 killings of four people,
including his brother and his sister’s fiancé.AP News


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Live updates: Madison Police hold news conference on Wisconsin school
shootingTwo people were killed and others were injured Monday in a shooting at
Abundant Life Christian School, a private Christian school in Madison,
Wisconsin. Police said 15-year-old Natalie Rupnow, who went by the name
Samantha, was the student who opened fire, was also dead.AP News


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The Latest: Teacher and a student killed in a shooting at a private Christian
school in WisconsinA student opened fire at a private Christian school Monday
morning in Wisconsin, killing a teacher and another student in the final week
before Christmas break.AP News


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Jamie Foxx gets stitches after a glass is thrown at him during dinner in Beverly
HillsA representative for Jamie Foxx says the actor required stitches after
getting hit in the face with a glass while celebrating his birthday at a
restaurant in Beverly Hills, California.AP News


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