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Severstal goes to the United States
MOSCOW - Severstal, one of Russia’s largest iron smelters, has beaten U.S. Steel, the biggest steel company in the United States, in their bids to own Rouge Industries, the bankrupt manufacturer of car plates with over $573 million in liabilities. A Detroit bankruptcy court is expected to approve the bid results later today. Severstal plans to use this move to enter the U.S. market and to enlarge its marketing outlets for its products. According to Vremya Novostei newspaper, Severstal topped the U.S.Steel’s bid of about $200 million by just $15 million, joining Norilsk Nikel and LUKoil on the growing list of Russian companies investing in the U.S. oil and metals sector. Rouge Industries’ customers include auto industry giants such as DaimlerChrysler, General Motors and Ford Motor Co. Meanwhile, neither Severstal nor Rouge Industries could be reached for comments.
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