Friday, November 17, 2006

Reports Russian Severstal Looking to Get Bigger to Buy U.S. Steel (X)

According to reports from Bloomberg, citing Russian daily Kommersant, Russia's biggest steelmaker OAO Severstal is in talks to merge with local iron miners to create a $20 billion company that could bid for U.S. Steel Corp. (NYSE: X).

According to the reports, Severstal is considering a merger with ZAO Gazmetall and ZAO Metalloinvest, controlled by Russian billionaire Alisher Usmanov, which would create a company with enough muscle to buy U.S. Steel.



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