Sparrows Point owner completes purchase of W.Va. steelmaker

Published August 6, 2008 4:00am ET



OAO Severstal, owner of the Sparrows Point steel mill in Baltimore County, has completed a $775 million acquisition of Esmark Inc., a West Virginia-based steel manufacturer, the company announced Tuesday.

A $19.25-per-share tender offer expired Monday with the Russian-owned firm in control of more than 38.7 million shares of Esmark, 94.2 percent of the company’s total shares. Esmark stock will no longer be traded, and the company will become a wholly owned subsidiary renamed Severstal Wheeling Holding Co.

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