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"Severstal" sells subsidiaries

The Russian company «Severstal» has signed an agreement for individual transactions concerning the implementation of its own subsidiaries branches «Severstal Dearborn» and «Severstal Columbus» with organizations «AK Steel Corporation» and «Steel Dynamics, Inc», sales amount of 2.325 billion. USD. For the company «Steel Dynamics, Inc» targets located in Columbus, Michigan, a mini-factory «Severstal» cost of 1.32 billion. USD, and the payment is made in cash. «AK Steel Corporation» will go to «Severstal» assets located in Dearborn, Michigan, the cost of 700 million USD -. And also for cash.

According to the representatives of «AK Steel Corporation», in addition to the purchase of assets of the company includes the production of coke and 3 share in the joint organization focused on the processing of flat steel. According to preliminary calculations, the final stage of the transaction will occur in the fourth quarter of this year, with the company «AK Steel Corporation» financial advisor is a Swiss conglomerate «Credit Suisse», as a legal adviser in favor of the New York-based company «Weil, Gotshal & Manges LLP». As for the company «Steel Dynamics, Inc», that according to its representatives the final contract for the acquisition of 100% «Severstal Columbus» has been signed. This transaction provides the company with an excellent opportunity to expand the operating base of tangible issue of hot-rolled steel, bringing annual production capacity to 3.4 mln. Tons.

The company «Severstal» this spring, considered the possibility of sale of its North American assets, evaluating the options strategy. According to the principal owner and concurrently General Director of «Severstal» Alexey Mordashov, the implementation of US enterprises will help reduce the company's debt, having increased its profitability at the same time. Manufacturing in Dearborn, acquired by the corporation in 2003, cost the company «Severstal» at 285.5 million USD, which in addition to further development was invested about 1 billion USD. Plant «Severstal Columbus» was put into operation in 2007, the company invested in 1.5 billion USD. Company revenues last year amounted to 3.9 billion USD — this is almost 30% of the total sales of «Severstal».

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