- 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.

Copyright © 2019 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide