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.
Must Read: Warren Buffett's 25 Favorite StocksSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. AKS data by YCharts
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. TheStreet's Susannah Lee speaks with The Deal's Paul Whitfield about Severstal's decision to sell its U.S. steel plant stake:
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