WARREN - News of Severstal's Warren steel mill being sold as part of a package deal to private equity firm Renco Group Inc. is receiving a positive reception among lawmakers and other elected officials.
The estimated $1.2 billion deal also involving Russias OAO Severstal plants in Wheeling, W.Va.; and Sparrows Point, Md., is expected to close this month pending regulatory approval.
State Rep. Tom Letson said the sale enables continued viability for the steel maker, which trickles down to jobs in the Mahoning Valley. I look forward to a long and healthy relationship with the new owners and good steel workers that turn out the finest products in the world, said Letson, D-Warren.
I know the type of product that our melt facility at our Warren operation can produce and the type of casting our continuous caster can put out for product is just amazing, said Letson, who has worked at Republic Steel and Copperweld. We have one of the finest high carbon production units in North America.
U.S. Senate Sherrod Brown says he ecouraged by Wednesdays news.
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