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Monday, July 21, 2014

Severstal says selling U.S. subsidiaries for $2.3 billion, (NASDAQ: STLD)

Russia's Severstal, one of the largest steel producers in the country, said on Monday it had agreed to sell its subsidiaries in the United States for $2.3 billion. The company said it would sell its Severstal Columbus and Severstal Dearborn subsidiaries to Steel Dynamics and AK Steel Corporation, respectively. The deal is expected to be closed by the end of the year.

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.