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Severstal completes sale of US assets for $2.3 billion

September 17, 2014, 2:42 UTC+3 MOSCOW
“I would like to express gratitude to the whole team and to every employee of Severstal North America for achieving a lot together”, Severstal CEO Alexey Mordashov said
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© EPA/JEFF KOWALSKY

MOSCOW, September 16. /ITAR-TASS/. Russian steel company Severstal announced Tuesday that it has completed the sale of its US assets: Severstal Columbus, LLC and Severstal Dearborn, LLC subsidiaries, collectively known as Severstal North America, to Steel Dynamics, Inc. and AK Steel Corporation, respectively.

The deals are worth overall $2.325 billion.

Severstal, a leading vertically integrated steel and steel-related mining company, said the sale of Columbus and Dearborn “unlocks substantial value to Severstal’s shareholders”.

“I would like to express gratitude to the whole team and to every employee of Severstal North America for achieving a lot together. I wish you the best of luck in all your future endeavors,” Severstal CEO Alexey Mordashov said as quoted on Severstal's website.

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