Justice Dept. Gives AK Steel Regulatory Okay to Finish Severstal Acquisition

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AK Steel has received early termination of regulatory review for the proposed acquisition of Severstal Dearborn, LLC, from the Justice Department. AK Steel expects to complete the acquisition in the third quarter of 2014.

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The steel billet cash price remained essentially flat on the LME at $450.00 per metric ton. On the LME, the 3-month price of steel billet held steady around $455.00 per metric ton.

Weakening prices ended a three-day flat streak as the US HRC futures contract spot price fell 2.2 percent on Wednesday, September 3 to $660.00 per short ton. For the fifth consecutive day, the 3-month price of the US HRC futures contract held flat at $645.00 per short ton.

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Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.34) and a low price of CNY 830.00 ($134.72) per dry metric ton. The price of Chinese HRC continues hovering around CNY 3,380 ($548.61) per metric ton for the fifth day in a row. The price of Chinese coking coal saw little movement at CNY 1,390 ($225.61) per metric ton.

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