Wheeling-Pittsburgh and Severstal to form coke plant

Wednesday, 29 December 2004 10:41:00 (GMT+3)   |  
       

Wheeling-Pittsburgh and Severstal to form coke plant

According to the statement released by US steel producer Wheeling-Pittsburgh, the company has signed a non-binding letter of intent with Severstal North America to form a joint venture coke plant. On the condition that two parties sign a definitive letter of intent, which is expected to be signed on or before March 31, 2005, Wheeling-Pittsburgh will contribute the assets of its Follansbee Coke Plant to the joint venture and Severstal North America will contribute a capital of $140 million to rebuild the facility over four years. Moreover, Severstal will pay $20 million to Wheeling-Pittsburg at the closing of the joint venture. In line with the deal, Severstal will have 50% of the coke plant. Moreover, each party will take 50% of the coke produced at the coke facility. The coke plant is expected to produce more than 1 million tons of coke per annum after the completion of the capital improvements.

Similar articles

Severstal NA reportedly up for sale

13 May | Steel News

Fourth round of price increases leaves US flats market uncertain

29 Jul | Flats and Slab

US Steel joins in fourth round of flat rolled increases

29 Jul | Flats and Slab

Severstal NA and US Steel dissolve Double Eagle partnership

16 Jul | Steel News

US flat steel spot prices firm following increases

03 Jun | Flats and Slab

AK Steel, ArcelorMittal and Severstal NA announce flat rolled price increase

24 May | Flats and Slab

Second increase anticipated as US flats prices begin to rise

29 Oct | Flats and Slab

California Steel Industries, Nucor and ArcelorMittal join in flat steel price hike

19 Oct | Flats and Slab

AK Steel, Severstal North America and NLMK USA announce $40/nt flats increase

18 Oct | Flats and Slab

Effectiveness of US flats increases remains unclear

09 Jul | Flats and Slab