Severstal to sell steel plants for $2.3B

|By:, SA News Editor

Severstal has announced that it will sell two of its North American steel plants to Steel Dynamics (NASDAQ:STLD) and AK Steel (NYSE:AKS) for $2.3B.

The Russian steelmaker is attempting to rid its international assets to cut costs.

Since last year, the company has been looking to sell the two plants, and the sale is not tied to the tensions over the Ukrainian crisis.

Severstal reported EBITDA of $2B in 2013 - a 4% drop from 2012.