Steel Dynamics Buys OAO Severstal

FORT WAYNE, Ind. (WOWO):  Fort Wayne based Steel Dynamics has agreed to buy OAO Severstal for $1.6 billion dollars in cash.

OAO Severstal is controlled by Russian billionaire Alexey Mordashov and is based out of northeast Mississippi.  The Indiana Business Journal reports Steel Dynamics’ steel shipping capacity will boom to 11 million tons a year with the purchase. 

The sale comes amid diplomatic fighting between America and Russia over the Ukraine, but the sale of the company is said to have nothing to do with those tensions.