July 23. Severstal revised upwards its planned volume of investments into the development of US-based WCI Steel (Warren, Ohio). In its corrected prospectus for Eurobonds issue, Severstal said that WCI's estimated needs in capital investments in 2008-2012 amounted to nearly USD 175 mn. The preliminary version of the document composed June contained another value, USD 150 mn. Severstal acquired 100% of WCI Steel for USD 140 mn on July 7. The company, whose manufacturing capacities allow making 1.85 mn of steel per annum, will be renamed into Severstal Warren, Inc. Within the deal, WCI Steel will redeem the 8% bonds for a total of USD 100 mn ahead of schedule. To acquire WCI, Severstal had to overcome resistance of some of the company's minority shareholders, who had filed a lawsuit against WCI, since the company had accepted Severstal's offer, but not that of Optima International, which had offered USD 172 mn for the company. WCI was forced to accept Severstal's offer by the steelmakers' trade-union, the shareholders believe. The court ordered, however, that the BoD's decision had been made with account of all circumstances.