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Severstal exits US coal business with sale of PBS Coals
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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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