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  Tuesday, November 19, 2019
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Russia's largest steel producer Severstal is set to issue $1.5 billion
Russia's largest steel producer Severstal is set to issue $1.5 billion in Eurobonds and could invest the funds in buying U.S. steelmaker Esmark, business daily Vedomosti reported on Monday.

Severstal could place the bonds in June and involve Citi and ABN Amro as the issue's managers, analysts from several investment banks told the paper, citing their clients. Severstal's representatives have declined to comment on the information.

Early in May, Severstal finalized a deal to purchase the U.S.-based Sparrows Point steel mill from ArcelorMittal for $810 million.

Representatives of the Esmark trade union officially announced in April that Severstal was holding negotiations on the company's purchase. A source close to Severstal confirmed to Vedomosti that the Russian steelmaker was considering Esmark as a possible takeover target.

Esmark, which is headquartered in Wheeling, West Virginia, produces about 750,000 metric tons of steel products a year.


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