Video: Steel Dynamics Announces $1.6 Billion Purchase of Severstal

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COLUMBUS, Miss. (WCBI) — Severstal in Columbus will have a new owner.

Steel Dynamics announced the purchase of the Columbus plant for $1.6 billion dollars.

The steel mill is one of the nation’s most technically advanced plants, which produces 3.4 million tons of steel annually and currently holds 645 employees. Joe Higgins, CEO of the Golden Triangle Development Link, says he doesn’t expect to see many operational changes once the sale is final.

“Anytime there’s change, people are concerned. They wonder what will happen but these companies are multi-national companies,” Higgins said. “It’s not uncommon for these companies to sell. It’ll give them a presence in the American South with the automotive corridor and the other things that are here. I look for it to be a good thing.”

The sell is expected to be finalized by the end of the year.