SOMERSET, Pa. (AP) -- Russian steelmaking giant OAO Severstal says it will buy Pennsylvania-based PBS Coals Corp. in an all-cash deal for about $1.3 billion.
The Russian company is announcing the deal through its mining division, Severstal Resources.
Severstal will buy PBS by purchasing Penfold Capital Acquisition Corp.
PBS mines, processes, and sells coal in Somerset County, about 60 miles southeast of Pittsburgh.
Nine miners were trapped underground in a PBS mine in July 2002 when it was flooded with water from an abandoned mine chamber. They were rescued using a metal capsule lowered through a hole dug to their location.