COLUMBUS, Miss. (AP) — Russian steel maker Severstal has announced senior management changes at the SeverCorr mill in Columbus, Miss.
Severstal earlier announced in December that it would buy the shares of SeverCorr's senior management — including CEO John Correnti, COO Mike Wagner and others.
Severstal also said it would buy the holding company Baracom from Chief Executive Alexey Mordashov for $84.4 million, acquiring a 79.9 percent controlling stake over SeverCorr.
SeverStal funded most of the $880 million steel mill.
On Wednesday, SeverStal appointed James Hrusovsky to replace Correnti. Hrusovsky formerly served as chief operating officer of SeverStal North America Inc. in Michigan. Sergei Kuznetsov, also from SeverStal North America, was appointed chief financial officer.
SeverStal said in a statement that the management transition and upcoming buyout shouldn't affect SeverCorr's operations.
The mill, which makes flat-rolled steel coils for automotive, agricultural, consumer appliance and other uses, became fully operational in late 2007.
SeverStal said it will continue the mill's production increase and an expansion to more than double output should still be finished by late 2010.
The plant can produce up to 1.43 million U.S. tons of high-quality steel a year. It employs 450 people.
Severstal owns mining assets in Russia, securing its supplies of raw materials. In 2006, the Russian company produced 17.6 million tons of steel and had revenues of $12.4 billion.
