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Russia’s Severstal buys into American rival

Severstal, Russia’s top steel producer, has increased its stake in the US-based steel mill SeverCorr to 85%.

SeverCorr currently produces 1.3 million tonnes of high-quality rolled steel per year.  It has a full capacity of 1.5 million tonnes a year, but that's expected to double by 2011. The company employs 450 workers.

Severstal's U.S.-based companies account for 16% of its revenues, a fact that shows the level of importance for the Russian steel producer.