Severstal | 14 May 2008 г. | 11:57

Severstal completes Aquisition of Sparrows Point

Severstal completes Aquisition of Sparrows Point
Severstal on May 8 completed its previously announced acquisition of Sparrows Point, a fully-integrated steel mill based in Baltimore, Maryland, United States, from ArcelorMittal. Severstal has received regulatory approval from the United States Department of Justice and the Committee on Foreign Investment in the United States.
Sparrows Point has a capacity of 3.6 mln metric tn of crude steel and shipped 2.3 mln metric tn of finished steel products in 2007; it is the only integrated producer of flat rolled steel on the U.S. East Coast and is a major North American supplier of tin mill products.
The acquisition is expected to be accretive in year-one based on current projections of costs and prices and offers significant value creation potential. Additionally, Severstal expects substantial synergies with its current U.S. operations in Dearborn, Michigan and Columbus, Mississippi.
Source: Metal Supply and Sales
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