Severstal Plans More Acquisitions

Severstal's CEO Alexei Mordashov has said he would consider reducing his stake in Russia's leading steelmaker by more than half if funds were needed for more acquisitions. Severstal has been expanding in the US and is now the country's fourth-largest steelmaker after purchasing Sparrows Point plant this year. It has also agreed to acquire Esmark, which owns Wheeling-Pittsburgh after raising its US$17 per share bid for the US company to US$19.25 (see 'Severstal Makes Its [Es}mark' May 2008).

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