Severstal NA completes sale of four steel service centers to Aurora Resurgence

Tuesday, 18 May 2010 15:06:22 (GMT+2)

The Russian steel producer Severstal has announced that its subsidiary Severstal North America has completed the sale of four assets operating under its steel services business, Northern Steel Group, to an affiliate of Los Angeles-based private investment firm Aurora Resurgence.

The sale includes Miami Valley Steel Service located in Piqua, Ohio, Premier Resource Group located in Lombard, Illinois, Electric Coating Technology in East Chicago, Indiana, and US Metals and Supply located in St. Louis, Missouri.

Net proceeds from the sale will be used by Severstal North America for general corporate purposes. The remaining businesses under Northern Steel Group, including Independent Steel, Sun Steel and Century Steel, will be retained by Severstal North America.

As SteelOrbis previously reported, the sale agreement for these assets was signed by Severstal and Aurora Resurgence on April 26 this year.

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