Severstal makes an offer for Stelco Inc
According to recent news in the market, Russian steel producer
Severstal has made an offer to buy Canadian steel producer Stelco Inc.
The offer was submitted when Stelco's board met to examine offers for the company.
Severstal also assumed the company's long-term debts.
The financial details of the offer have not been revealed.
As previously reported by SteelOrbis,
Severstal announced that it plans to acquire certain mills abroad to reach its goal of becoming one of the world's six largest steel producers. The offer made for Stelco is a part of
Severstal's plan.
Stelco has been operating under bankruptcy protection since January 29, 2004 however due to rising demand and rising steel prices, the company achieved $100 million profit in the last two quarters.