{"id":9263,"date":"2014-07-23T00:41:29","date_gmt":"2014-07-23T00:41:29","guid":{"rendered":"https:\/\/staging.asminternational.org\/hts-new\/results\/-\/journal_content\/56\/10192\/20273319\/NEWS\/"},"modified":"2023-02-07T04:49:56","modified_gmt":"2023-02-07T04:49:56","slug":"ak-steel-acquires-severstals-dearborn-steelmaking-assets","status":"publish","type":"post","link":"https:\/\/www.asminternational.org\/hts\/ak-steel-acquires-severstals-dearborn-steelmaking-assets\/","title":{"rendered":"AK Steel acquires Severstal\u2019s Dearborn steelmaking assets"},"content":{"rendered":"<p>\n\tAK Steel, West Chester, Ohio, has signed an agreement to acquire Severstal North America&#8217;s integrated steelmaking assets located in <span itemprop=\"geo\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/address\"><span itemprop=\"contentLocation\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/Place\"><span itemprop=\"addressLocality\">Dearborn, Mich.,<\/span> for $700 million<\/span> in cash.&nbsp; The acquisition also includes a cokemaking facility and interests in three joint ventures that process flat-rolled steel products. The <span itemprop=\"geo\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/address\"><span itemprop=\"contentLocation\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/Place\"><span itemprop=\"addressLocality\">Dearborn<\/span><\/span><\/span><\/span> plant produces high-quality, flat-rolled steels, primarily for the automotive, construction, and appliance markets. A large-scale modernization campaign was completed in 2011.&nbsp; During the campaign, major capital was invested in new state-of-the-art equipment and various operational improvements.&nbsp;<\/p>\n<p>\n\tDearborn&#8217;s blast furnace, which was rebuilt in 2007, is among the most efficient and productive blast furnaces in the world for its size.&nbsp; The plant also began operating a new pickle line tandem cold mill and a new hot dip galvanizing line in 2011.&nbsp; Similar to AK Steel&#8217;s existing carbon steel operations, the Dearborn plant produces hot and cold rolled sheet and hot dip galvanized products, as well as other flat-rolled steel products.&nbsp;<\/p>\n<p>\n\tThe plant employs approximately 1400 people and is capable of producing about 2.5 million tons of finished steel per year. &nbsp;Upon completion of the acquisition, AK Steel&#8217;s annual shipments are expected to exceed 7.5 million tons.&nbsp; AK Steel said that it intends to utilize all of <span itemprop=\"geo\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/address\"><span itemprop=\"contentLocation\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/Place\"><span itemprop=\"addressLocality\">Dearborn&#8217;s<\/span><\/span><\/span> production units, and the company has no plans to cease operations at any of its current steelmaking or steel finishing facilities.<\/p>\n<p itemprop=\"articleBody\">\n\tThe <span itemprop=\"geo\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/address\"><span itemprop=\"contentLocation\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/Place\"><span itemprop=\"addressLocality\">Dearborn<\/span><\/span><\/span> facility is strategically located in close proximity to many of AK Steel&#8217;s customers, and the assets at the steel plant and the other acquired facilities complement AK Steel&#8217;s existing carbon steel operations.<\/p>\n<p itemprop=\"articleBody\">\n\tThe acquisition also increases AK Steel&#8217;s operational flexibility and enables significant cost-based synergies.&nbsp; &#8220;In addition to operational and productivity enhancements, the acquisition will create purchasing, transportation, and overhead cost savings,&#8221; said Mr. Wainscott. &nbsp;&#8220;We expect the transaction to be immediately accretive to our earnings and create significant long-term value for AK Steel, our employees, customers and shareholders.&#8221; &nbsp;The company anticipates annual cost-based synergies of approximately $50 million, with approximately $25 million realized in the first full year following the closing of the acquisition.<\/p>\n<p itemprop=\"articleBody\">\n\t<span itemprop=\"contentLocation\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/Place\"><span itemprop=\"geo\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/address\"><span itemprop=\"addressLocality\"><a href=\"http:\/\/www.aksteel.com\/\" target=\"_blank\" title=\"Link to http:\/\/www.aksteel.com\" rel=\"noopener\">http:\/\/www.aksteel.com<\/a><\/span><\/span><\/span><\/p>\n<p itemprop=\"articleBody\">\n\t&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AK Steel, West Chester, Ohio, has signed an agreement to acquire Severstal North America&#8217;s integrated steelmaking assets located in Dearborn, Mich., for $700 million in cash.<\/p>\n","protected":false},"author":63082,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[446,439,440,441,1],"tags":[],"class_list":["post-9263","post","type-post","status-publish","format-standard","hentry","category-automobiles-and-ground-transportation","category-general","category-news","category-news-articles","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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