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Severstal buys US facility from ArcelorMittal
RBC, 08.05.2008, Moscow 11:58:14.Severstal has completed the acquisition of the US-based company Sparrows Point from ArcelorMittal, the Russian steelmaker said in a press statement. The deal has received all required approvals from the US authorities, including the Department of Justice and the Committee on Foreign Investment in the United States. As reported earlier, ArcelorMittal was forced to surrender the US-based facility due to monopoly charges. Sparrows Point's capacity amounts to 3.6m tonnes of steel a year. This acquisition opens up a strategic opportunity for Severstal to strengthen its foothold in the US. It is expected that the facility would interact with Severstal's other enterprises located in Dearborn (Michigan) and Columbus (Mississippi). In addition, the new acquisition located near Baltimore (Maryland) enables direct ocean transportation and is within easy reach of major road and rail communications in the US.
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