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Severstal exits US coal business with sale of PBS Coals

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17 July 2014

Severstal exits US coal business with sale of PBS Coals

Report summary

Russian steelmaker Severstal announced 15 July 2014 that it will sell its US metallurgical coal mining subsidiary, PBS Coals, to Corsa Coal Corp. of Toronto in a deal valuing PBS at US$140 million. Corsa will pay US$60 million in cash, assume US$60 million in reclamation and water treatment liabilities and will fund US$20 million in cash that Severstal has posted as reclamation bonding collateral.

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