June 25, 2009
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Severstal Dumps Plant in U.S.

Severstal agreed to sell its Allenport plant in the United States to North American Trading.

Olga Antonova, a spokeswoman for Severstal, said Tuesday by telephone that the steelmaker signed a letter of intent. North American Trading is owned by William Kingston, who plans to reopen the Pennsylvania plant with 75 workers to produce cold-rolled metal with stainless steel coating for export, the Pittsburgh Tribune reported Tuesday, citing Kingston. He will invest $400 million to upgrade the plant over five years, the newspaper said.


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