Severstal bids for Stelco

By Ellen Chang

Houston, Feb. 14 - OAO Severstal made a formal offer to buy Stelco Inc. Monday.

Details of the terms of the offer will not be made public at this time to comply with the capital raising and sales process order made by the Ontario Superior Court, Severstal said.

Severstal is a Russia-based steel company.

Stelco is a Hamilton, Ont.-based steel company which filed for bankruptcy on Jan. 29, 2004.

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