SeverStal to Acquire Sparrows Point
SeverStal expects the transaction to be accretive in one year based on current projections of costs and prices. The company also expects substantial synergies with its current U.S. operations in Dearborn, Mich., and Columbus, Miss. The acquisition is subject to customary closing conditions, including approval by the Department of Justice, and is expected to close in the second quarter of 2008. Meanwhile, the United Steelworkers have approved the acquisition.