$140 million WCI purchase completed

WARREN — A Russian steelmaker said today that it has completed its purchase of WCI Steel for $140 million.

George Mason, chief operating officer of OAO Severstal, said in a news release that this region is the historical center of steelmaking in the U.S.

“Severstal is ready to carry that tradition forward in a way that is consistent for growth and investment in North America,” he said.

He added that the experience and talent of the people at WCI are a key part of the plan. Union leaders have welcomed the purchase, which was announced in May.

WCI had been owned by a group of bondholders that brought the company out of bankruptcy court protection in 2006.

For more information, see Tuesday’s Vindicator or www.vindy.com.