Russian steelmaker OAO Severstal has agreed to sell its North American subsidiaries to U.S. competitors Steel Dynamics Inc. and AK Steel Holding Corp. for a combined $2.3 billion in two separate transactions, the company said Monday.
The deal represents OAO Severstal’s exit from the U.S. market, which began in 2010 with the sale of factories in Illinois and Ohio, according to Bloomberg. Earlier this month, Severstal agreed to sell its coal unit to Canada’s Corsa Coal for $140 million.
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