While the Russian government hopes to consolidate the domestic steel industry, SeverStal is aggressively pursuing acquisitions abroad. The steel producer, which had revenues of $15.2 billion in 2007, has gone on a North American buying spree over the past few months. SeverStal's latest purchases include a $775 million acquisition of U.S. steelmaker Esmark, an $810 million buy of ArcelorMittal's Sparrows Point steel mill in Baltimore, and the $1.3 billion takeover of PBS Coals. Where is the money coming from? SeverStal announced on Sept. 4 that net income had risen to $1.92 billion, up from $1.15 billion last year.
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