- Associated Press - Wednesday, September 17, 2014

COLUMBUS, Miss. (AP) - Russian steel company Severstal has completed its sale of a pair of steel plants to AK Steel and Steel Dynamics.

In a statement Tuesday, Severstal CEO Alexey Mordashov confirmed the sale of Severstal Columbus in northeast Mississippi to Steel Dynamics and Severstal Dearborn in Michigan to AK Steel Corp.

Steel Dynamics of Fort Wayne, Indiana, is paying $1.625 billion for the Columbus plant, using $350 million in cash and borrowing the rest. AK Steel of West Chester, Ohio, is paying $707 million.

Steel Dynamics officials say the Mississippi mill will raise annual capacity by 40 percent to 11 million tons. Steel Dynamics says that for the 12 months ended June 30, the Severstal mill had $2.2 billion in sales and $254 million in earnings before interest, taxes, depreciation and amortization.

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