Bloomberg Reporting Severstal Close to Sale of U.S. Steel Mills to SDI and AK Steel

Steel Market Update is well aware of the rumors which have been circulating regarding the potential sale of the Severstal North American steel mills. Late last week we learned from our sources that Steel Dynamics and AK Steel were close to purchasing the two U.S. steel mills owned by OAO Severstal out of Russia. Steel Dynamics is reported to be interested in the Severstal Columbus mill while AK Steel is after Severstal Dearborn. On Saturday, Bloomberg reported that the deal was close to being done and that it is valued at $2 billion and could be announced as soon as this coming week.

Conveniently, Steel Dynamics (SDI) reports 2nd Quarter earnings at the close of business on Monday, July 21st and will conduct their earnings conference call on Tuesday, July 22nd at 10 AM.