The producer of flat-rolled carbon, stainless and electrical steel products, AK Steel, has acquired Severstal’s Dearborn facility, located in Dearborn Michigan, for approximately USD $707 million. The facility includes a coke-making facility and interests in three joint ventures that make flat-rolled steel products. In 2011, the plant underwent a USD $1.2 billion modernization, which included the addition of a pickle line tandem cold mill and a hot dip galvanizing line. Previously in 2007, the blast furnace was rebuilt.
The Dearborn facility, which is in close proximity to a lot of AK Steel’s customers, employs 1,400 people and can produce up to 2.5 million tons of finished steel each year. With this acquisition, AK Steel’s yearly steel shipments are forecast to top 7.5 million tons.