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25

Severstal Completes American Deal

Historic US company now has Russian owners...

Russia's Severstal and its affiliated company, Severstal North America Inc, have completed the deal to purchase the assets of America's fifth-largest steel producer Rouge Industries Inc and Rouge Steel company, Rouge's subsidiary, late last Friday, the Severstal-Group's Deputy General Director Vadim Makhov told reporters Saturday. Vadim Makhov has been appointed as the chairman of Severstal North America Inc.

Severstal has paid U.S. $285.5 million, of which about $267 million are to be paid to Rouge Industries' creditors, Makhov also said.

According to Makhov, Severstal expects Rouge Industries to break even by the end of this year.

Severstal's purchase of Rouge will facilitate the Russian company's entry into North America's market, which has an attractive consumer structure, metal prices, sales volume, Makhov said.