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2008-07-09 00:00:23

Russian steelmaker OAO Severstal said Monday it has finished its $140 million acquisition of WCI Steel, a Warren, Ohio-based producer of value-added steel products. WCI Steel will be known as Severstal Warren Inc. WCI's total annual steel-making capacity of 1.22 million metric tons is focused on high-quality, custom flat-rolled steel for use in demanding applications. WCI will help solidify Severstal's position as one of North America's leading producers of high-quality flat-rolled...

2008-07-07 15:00:37

WARREN, Ohio, July 7 /PRNewswire-FirstCall/ -- The sale of WCI Steel Inc. to OAO Severstal was completed today, providing "a bright future built on a proud past" for its employees, customers, suppliers and community, said Leonard M. Anthony, outgoing president and chief executive officer of WCI Steel. "Since 1912, steel has been made in Warren, providing good-paying jobs for hundreds of thousands of people during its nearly 100 years of operation. Over the years, the changes in ownership...

2008-07-07 15:00:37

MOSCOW, July 7 /PRNewswire-FirstCall/ -- OAO Severstal (LSE: SVST; RTS: CHMF; "the Company"), one of the world's leading metals and mining companies, today completed its previously announced acquisition of WCI Steel, a market leader in the production of value-added steel products based in Warren, Ohio. WCI Steel will be known as Severstal Warren, Inc. Severstal acquired all of the outstanding equity of WCI for a total cash consideration of US$140 million. WCI's total annual steel-making...

2008-06-30 03:02:40

By Harris, Linda Esmark Inc., posted $15.8 million in red ink for the first three months of 2008, but the company's management team said they expect to make it into the black in the second quarter. The Chicago-based company belatedly released its quarterly earnings statement this week, blaming the delay on the complexities associated with finalizing its merger with Wheeling-Pittsburgh Steel Corp. late last year. Esmark also had been late posting its 2007 year-end results, and now...

2008-06-28 00:02:29

Russian metals and mining company OAO Severstal announced it has an agreement to buy West Virginia-based Esmark Inc. for $19.25 per share. Including the assumption of debt and loans, that puts the value of the deal at $1.25 billion. Esmark has been at the center of a bidding war between Severstal and India's Essar Steel Holdings. While management had previously labeled Essar's offer superior, the United Steelworkers union was backing a buyout by Severstal. Esmark issued a statement...

2008-06-28 00:02:29

By Vicki Smith Steelmaker and distributor Esmark Inc. has an attractive assortment of plants and equipment with unrealized potential, but Russian metals and mining company OAO Severstal said Thursday it plans to change that with a $250-million, five-year capital investment. Severstal announced late Wednesday it won the bidding war for Wheeling-based Esmark, offering $19.25 per share. Including the assumption of debt and loans, that puts the value of the deal at $1.25 billion. Founded...

2008-06-27 00:02:26

Russian metals and mining company OAO Severstal announced Wednesday it has an agreement to buy West Virginia-based Esmark Inc. for $19.25 per share. Including the assumption of debt and loans, that puts the value of the deal at $1.25 billion. Esmark has been at the center of a bidding war between Severstal and India's Essar Steel Holdings. While management had labeled Essar's offer superior, the United Steelworkers union was backing a buyout by Severstal. Esmark issued a statement urging...

2008-06-26 15:02:51

To: NATIONAL EDITORS Contact: Tony Montana of United Steelworkers (USW), +1-412-562- 2592 PITTSBURGH,June 26/PRNewswire-USNewswire/ -- The United Steelworkers (USW) today welcomed the news that Esmark has entered into a definitive merger agreement with OAO Severstal and that Esmarks board of directors now recommends that shareholders tender their shares to Severstal. (Logo: http://www.newscom.com/cgi-bin/prnh/20080131/DC12982LOGO) The union called the outcome a victory for longtime...

2008-06-26 06:02:52

By Andrea K. Walker, The Baltimore Sun Jun. 26--Russian steelmaker OAO Severstal emerged yesterday as the apparent winner in a takeover fight for West Virginia-based Esmark Inc., agreeing to buy the steelmaker for $775 million plus debt in a deal that could boost production at Sparrows Point. The deal comes just seven weeks after Severstal completed its purchase of the Baltimore County steel mill from ArcelorMittal for $810 million, with promises to invest $500 million to boost output to...

2008-06-25 18:02:53

Esmark Incorporated (NASDAQ:ESMK) (the "Company") announced today that it has entered into a definitive merger agreement to be acquired by OAO SeverStal ("SeverStal") for $19.25 per share. This represents an overall transaction including debt valued at approximately $1.25 billion. Under the terms of the merger agreement, SeverStal will amend its tender offer to increase its offer price to $19.25 per share and Esmark will amend its Schedule 14D-9 to include the Esmark board of director's...


Word of the Day
caparison
  • A cloth or covering, more or less ornamented, laid over the saddle or furniture of a horse, especially of a sumpter-horse or horse of state.
  • Clothing, especially sumptuous clothing; equipment; outfit.
  • To cover with a caparison, as a horse.
  • To dress sumptuously; adorn with rich dress.
This word ultimately comes from the Medieval Latin 'cappa,' cloak.
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