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NEW YORK (TheStreet) -- AK Steel (AKS - Get Report) fell Monday after it purchased one of Russian steel manufacturer Severstal's U.S. subsidiaries called Severstal Dearborn.
Severstal also sold its Severstal Columbus unit to Steel Dynamics. The combined value of the sales of the two subsidiaries is $2.34 billion. The sales comes in the wake of several U.S. and European sanctions against Russia, though Severstal was not targeted.
AK Steel was down 4.87% to $8.40 at 10:32 a.m. The stock hit a 52-week high of $9.14 in early morning trading before it dropped.