US Steel Company Prefers Russian Buyout

US Rouge Industries said it prefers to be bought by Russian steel major Severstal, which already signed a letter of intent on buying Rouge’s assets for USD 215mn. Rouge is currently bankrupt, thus the deal has to be approved in court. US Steel and other market players submitted an appeal, saying the deal would harm the sector. Severstal might have to pay a larger sum for Rouge, to overcome pressure from local majors. Earlier this year, Norilsk Nickel successfully acquired US precious metal major Stillwater Mining Company.