Severstal to Sell U.S. Steel Operations?

Russian steelmaker OAO Severstal is considering multiple bids to buy its mills in Michigan and Mississippi, according to Bloomberg News, which cites unnamed sources.

The company disclosed in a regulatory filing it is considering several strategic options but has made no decisions.

The company, which acquired Ford Motor Co.'s famed Rouge steel complex outside Detroit in 2004, has spent some $2 billion on its American assets over the past decade.

Severstal currently has capacity to produce 5.2 million metric tons of steel per year in the U.S. Last year the company replaced most of the senior management team for those operations in an effort to establish sustainable growth for the unit.

At the time, Severstal said the staff changes reflected a shift in emphasis from expansion to profitability based on higher-margin steels.