Metal
 

US steel mills up for sale

- By Christin Nilsson

Russia´s largest steelmaker is seeking buyers for US steel mills that it acquired in 2008.

Russia´s largest steelmaker Severstal acquired plants in Maryland, Ohio and West Virginia for a total of $2.2 billion in 2008.

The steelmaker is now seeking for a single buyer for these plants, employing som 6,000 workers.

The plants are the Sparrows Point complex near Baltimore; the former Wheeling-Pitt operations based in Wheeling, W.Va.; and the former WCI Steel mill in Warren, Ohio. The plants are reported to lose lots of mony.

Severstal reported a $1 billion loss last year, but said it was well-positioned for recovery.

Read more: Severstal to improve efficiency of basic oxygen steel production

A former owner of the Severstal steel mill has been named as a potential bidder.

Read more: Severstal interested in possible sale of US assets - CEO

American Metals Market, a Pittsburgh-based industry publication, reported last week that Ira Rennert, owner of The Renco Group, had submitted a bid for Severstal’s holdings in Warren, as well as those in Sparrows Point, Md., and Wheeling, W.Va. The bid, which would be backed by Los Angeles-based Aurora Capital Group, could be announced as early as this week, American Metals Market reported.





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