Dearborn, Michigan-based Severstal North America announced Thursday that it has successfully completed the sale of its Warren, Ohio, Wheeling, West Virginia, and Sparrows Point, Maryland assets to the Renco Group Inc.
Additionally, Severstal announced that the development of its Dearborn, Michigan plant will include a $740 million modernization program that consists of a new cold rolling complex and galvanized line targeting critically exposed applications for automotive customers and other original equipment manufacturers. The $550 million expansion project at the Columbus, Mississippi plant will increase annual steel production to 3.4 million tons and double the plant's galvanizing capacity.
Upon completion of the capital improvement programs, combined annual steelmaking capacity will reach 6.0 million tons, cold rolling capacity at Dearborn and Columbus will increase to 3.6 million tons, and galvanizing capacity to 2.4 million tons.