Report: Severstal has 5 bids for plants

Report: Severstal has 5 bids for plants

warren

Severstal reportedly has received five bids for three of its North American steel mills, including its facility in Warren. The trade publication American Metal Market reported this week that the Russian steel giant received four bids for its holdings in Warren, Wheeling W.Va., and Sparrows Point, Md., but deemed the offers too low to accept. The company rejected the fifth bid, which was for just one of the holdings, the publication said. The company is considering restarting the Sparrows Point blast furnace, idled in July, earlier than expected in anticipation of further sale negotiations, according to the publication.

Workers bear more premium costs

INDIANAPOLIS

Workers are paying a larger portion of their health- insurance costs as businesses shift more of the burden to their employees to help ride out the economic downturn, an annual study shows.

The average employee contribution toward premiums for family coverage climbed 14 percent this year to nearly $4,000, according to a report by the Kaiser Family Foundation and the Health Research and Educational Trust released Thursday. Contributions for single coverage grew 15 percent. But total premiums — the amount split by the employer and employee — rose a modest 3 percent for family coverage and 5 percent for single employees this year.

Companies that offer benefits still pay at least 70 percent of the total premium, on average, for their workers. But this year, companies passed most of the premium increases on to employees instead of absorbing them as they usually do, Kaiser CEO Drew Altman said.

Avis raises bid for Dollar Thrifty

PARSIPPANY, N.J.

Car-rental company Avis Budget Group said Thursday it is raising the cash portion of its bid for Dollar Thrifty as it battles Hertz for the potential buyout.

Avis said that it will increase the cash component to $40.75 per share from its previous offer of $39.25 per share. The bid also includes 0.6543 shares of Avis Budget Group Inc. stock.

Avis contends its new offer is a more than 22 percent premium over Hertz Global Holdings Inc.’s bid, which was valued at $1.17 billion.

Vindicator staff/wire reports