WHEELING, W.Va. -- Russia's OAO Severstal has completed its acquistion of Esmark Inc. for $760 million plus the assumption of debt and loans.
Esmark announced the deal's completion Tuesday morning. Severstal's assumption of debt and loans puts the deal's total value at $1.25 billion.
Wheeling-based Esmark has been renamed as Severstal Wheeling Holding Company.
Esmark's businesses include Wheeling-Pittsburgh Corp., which will be renamed as Severstal Wheeling Inc.
Severstal already had a partnership with Wheeling-Pitt, a coke plant in Follansbee called Mountain State Carbon. By assuming full ownership, it ensures a long-term supply of coke, a key raw material in steelmaking.
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