Market Segment
Severstal Admits They Are Reviewing Options Regarding USA Assets
Written by John Packard
May 15, 2014
The following article was originally posted as a blog on the Steel Market Update (SMU) website: The Russian parent company to Severstal NA has responded to requests about the potential sale of their USA assets which include the Severstal Dearborn and Severstal Columbus flat rolled steel mills. Steel Market Update reported over the weekend that the two mills were for sale and that bidders such as CSN out of Brazil and US Steel here in North America had expressed interest in acquiring one, or more, of the USA based steel mills.
In response to all of the inquiries, Severstal out of Russia made the following statement:
Moscow, Russia, 14 May 2014 – Remaining fully committed to maximising value creation for its shareholders, OAO Severstal (LSE: SVST; MICEX-RTS: CHMF) announces that it is considering a range of strategic options in relation to Severstal North America. Severstal confirms that no decision has yet been taken as to which, if any, such option might be pursued.
Our understanding is the non-binding bids have been received by Severstal and they are analyzing those bids to determine what they wish to do next.
John Packard
Read more from John PackardLatest in Market Segment
Nucor targets ‘white hot’ data center boom
With infrastructure demand shifting toward digital capacity, Nucor Corp. is positioning itself as the go-to steel supplier for the data center boom.
Gerdau’s N. American earnings rise in Q3 due to fall in imports
Gerdau’s North American profits rose in the third quarter, boosted by a decline in imports due to Section 232 steel tariffs.
Ternium swings to Q3 loss, eyes 2026 recovery
Ternium closed the third quarter with steady shipments and improving margins. But trade policy uncertainty and subdued demand in Mexico weighed on the Latin American steelmaker’s results.
SMU Mill Order Index fell in September
SMU’s Mill Order Index declined in September after repeated gains from June through August. The shift came as service center shipping rates and inventories fell.
Algoma’s losses widen in Q3 as tariff troubles continue
Algoma Steel’s net loss more than quadrupled in the third quarter on trade woes and its EAF transition. Separately, the company announced a change in leadership, as CEO Michael Garcia will retire at the end of the year.