March 31, 2008
Russian steel maker OAO Severstal agrees to acquire Baltimore's Sparrows Point steel mill from ArcelorMittal for $810 million in cash.
On March 21, it was announced that Russian steel maker OAO Severstal has agreed to acquire Baltimore's Sparrows Point steel mill from ArcelorMittal for $810 million in cash. Willkie advised Merrill Lynch & Co., financial advisor to Severstal, in the deal. The transaction will make Severstal the fourth largest steel producer in the U.S. Sparrows Point, a fully integrated mill, has a capacity of 3.9 million tons of crude steel and is the only integrated producer of flat rolled steel on the U.S. East Coast. The deal was handled by partner Steven Seidman and associates Margaret Mansouri and Carla Rothenberg.
