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Severstal sells three facilities

April 2011 - Severstal North America, Dearborn, Mich., has signed an agreement to sell its Warren, Ohio; Wheeling, W.Va.; and Sparrows Point, Md., operations to the Renco Group Inc., a New York-based investment holding company. As transaction consideration, Severstal will receive $125 million in cash, a $100 million secured note and the repayment of $317 million of third-party debt at closing. Renco will assume various Severstal financial liabilities that total $650 million.
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