Russian steelmaker OAO SeverStal said it completed its $285.5 million acquisition of bankrupt Rouge Industries Inc.
The deal was hinging on members of the United Auto Workers ratifying a contract, which they did late last week.
SeverStal North America Inc. also acquires Rouge's 50 percent interest in Double Eagle Steel Coating Co., a joint venture with U.S. Steel Corp., and a 48 percent in Spartan Steel Coating, a joint venture with Worthington Industries Inc.
U.S. Steel decided not to exercise its right of first refusal on Double Eagle, the world's largest electrogalvanizing line, located in Dearborn.
Vadim Makhov, SeverStal's deputy general director, is now chairman of SeverStal North America Inc. and will manage the Rouge operation.