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Monday, July 21, 2014

Russia's Severstal sells U.S. plants to AK Steel and Steel Dynamics, (NASDAQ: STLD)

Steel Dynamics Inc will purchase Severstal's Columbus mini-mill for $1.62 billion in cash, and AK Steel will buy the Russian steelmaker's assets in Dearborn, Michigan for $700 million in cash. AK Steel said the deal also included a cokemaking facility and interests in three joint ventures that process flat-rolled steel products.

Steel Dynamics, Inc. is a steel producer and metals recycler in the United States. Shares of STLD traded higher by 1.25% or $0.23/share to $18.58. In the past year, the shares have traded as low as $15.05 and as high as $19.74. On average, 2592970 shares of STLD exchange hands on a given day and today's volume is recorded at 2387988.