Severstal: Not selling U.S. assets

MOSCOW (AP) — Russia’s largest steelmaker Severstal said Friday it had no immediate plans to sell any of its loss-making U.S. assets and would seek to turn them into profitable ventures.

Severstal has been hit hard by weak world steel prices, falling output and big exchange rate losses amid the industry’s global slump. First quarter results last week revealed the company’s Russians operations were turning some profit, while North American and Europe were dragging on the company’s overall balance sheet.

That has intensified speculation that the company may decide to sell some of its North American plants. Two of its five major plants in the United States have been idled — in Ohio (including Warren) and in Pennsylvania — a process that takes several months.

Gregory Mason, chief executive of Severstal’s international operations, refuted those reports.

“We are not actively marketing any of our assets,” he told The Associated Press.

Read more in Saturday’s Vindicator and Vindy.com