Severstal North America sells remaining Northern Steel Group assets

Severstal North America announced today that it has signed and completed the sale for its three remaining businesses operated under Northern Steel Group, Inc., to Esmark Inc.

The assets that were sold to Esmark are Independent Steel (Ohio), Sun Steel (Ill.) and Century Steel (Ill.). Other Northern Steel Group assets were sold previously to Aurora Resurgence.

“With the sale of all Northern Steel Group assets, Severstal North America will now dedicate all of its attention and energy to our core strategy of developing competitive and efficient steelmaking assets in the United States,” said Sergei Kuznetsov, Chief Executive Officer of Severstal North America.

Lazard Freres & Co. LLC and Raymond James acted as financial advisors to Severstal. Skadden, Arps, Slate, Meagher & Flom LLP acted as Severstal’s legal advisor.