WV'S ONCE GIANT STEEL COMPANY NOW OWNED BY RUSSIA

(08/06/2008)

West Virginia was once a big leader in the manufacturing of steel, the state's largest employer. Now WalMart is the state's biggest employer. What was left of the state's steel industry after it being globalized to Russia and China, has now been purchased by a Russian company. OAO Severstal has completed its acquisition of Esmark Inc., the remnants of the Wheeling steel operation, for $760 million plus the assumption of debt and loans. Severstal's assumption of debt and loans puts the deal's total value at $1.25 billion. Esmark's businesses include Wheeling-Pittsburgh Corp., which will be renamed as Severstal Wheeling Inc.

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