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Russian steelmaker snaps up PBS Coals for $1.3B

Russian steelmaker snaps up PBS Coals for $1.3B

Russian steelmaking giant OAO Severstal is buying Pennsylvania's PBS Coals for about $1.3 billion in cash.
The Russian company said Friday the deal would allow it more direct control over the raw materials needed to produce steel at its North American operations.
PBS owns six underground and six surface mining operations. The company produced about 2.4 million tons of coal, last year, including 1.5 million tons of coking coal, which is used to make steel.
PBS came into the national spotlight six years ago when nine men became trapped for three days when a mine flooded. The men were saved after rescue workers drilled a hole and pulled them to the surface in a capsule one by one.


Updated : 2021-05-16 05:50 GMT+08:00