Russian Firm Buys Steel Plant

OAO SeverStal,Russia's largest steelmaker,has closed on the Sparrows Point steel plant in Baltimore,Maryland.Arcelor Mittal(MT) was required to sell the plant in order to get court approval for the merger of Arcelor and Mittal Steel in 2006.SeverStal paid 810 million U.S. for Sparrows Point.The sale was handled by Joseph G. Krauss,a divestiture trustee appointed by the U.S. court.