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NEW YORK— Russian steel company Severstal is exiting the U.S. market, selling a pair of steel plants to AK Steel and Steel Dynamics for about $2.33 billion. Steel Dynamics Inc. said Monday that it will pay about $1.63 billion for Severstal Columbus, which is located in northeast Mississippi.
DETROIT— Workers and retirees approved pension cuts in Detroit's bankruptcy, the city announced Monday, a crucial step to emerging from the largest municipal insolvency in U.S. history.
July 21- Steel Dynamics Inc will buy Severstal's mini-mill in Columbus, Michigan for $1.62 billion in cash, and AK Steel will buy the Russian steelmaker's assets in Dearborn, Michigan for $700 million in cash. Last month, CEO Alexey Mordashov said that selling the U.S. assets could help decrease Severstal's debt and make the company a lot more profitable.
July 21- Steel Dynamics Inc will buy Severstal's Columbus mini-mill for $1.62 billion in cash, and AK Steel will buy the Russian steelmaker's assets in Dearborn, Michigan for $700 million in cash. AK Steel said the deal also included a cokemaking facility and interests in three joint ventures that process flat-rolled steel products.
DEARBON, Mich.— AAA Michigan says gasoline prices have fallen about three cents during the past week to a statewide average of about $3.63 per gallon. Of the cities it surveys, AAA Michigan says the cheapest price for self-serve unleaded fuel is in the Benton Harbor area, where it's about $3.57 a gallon.
DETROIT— Rising sales helped boost hiring and wages at U.S. businesses in the second quarter, and companies are optimistic that the trends will continue this fall, according to a new survey by the National Association for Business Economics.
DETROIT— Detroit neighborhoods are being relit, its vacant homes are being sold off or torn down, its public transportation is cleaner and more often on schedule and the city has renegotiated some burdensome union contracts.
HARTFORD, Connecticut— Private jet sales are rising again, climbing out of a deep recession when the company plane was an easy target for spending cuts. The chief executive of General Dynamics Corp., maker of Gulfstream jets, says corporate customers are back and wealth creation is bringing out shoppers for private jets.
TOLEDO, Ohio— There's enough sand, soil and mud scooped out of Toledo's and Cleveland's harbors each year to fill the Indians' ballpark to the top of its upper deck. All the silt dredged to keep open the shipping channel in Toledo is dumped into Lake Erie while the sediment from Cleveland goes into disposal facilities that are filling up fast.
DETROIT— A federal judge in Atlanta has sent an important wrongful death lawsuit against General Motors back to a Georgia court. Judge Thomas Thrash Jr. ruled Friday that a Cobb County judge should handle the case filed by the family of Brooke Melton.
DETROIT— Toyota wants to help you scream at your unruly kids. Toyota says it added Easy Speak "so parents don't have to shout to passengers in the back. Automakers are trying to come up with creative ways to make the out-of-fashion minivan more appealing, said Jessica Caldwell, senior analyst at the Edmunds.com automotive website.
WASHINGTON— Since the Great Recession officially ended in June 2009, the U.S. economy has generated 7.8 million jobs. North Dakota, benefiting from an oil and gas drilling boom, has created nearly 98,000 jobs over the past five years, a 27 percent increase-- by far the best in the country.
TRAVERSE CITY, Mich.— A company cannot store piles of petroleum coke at an open riverfront site in Detroit because it does not have adequate measures in place to control dust, a Michigan state agency said Thursday.
DETROIT— Kia is recalling nearly 52,000 Soul small SUVs to fix a problem that can cause steering failure. The recall covers vehicles from the 2014 model year built from July 21, 2013, through Jan. 17, 2014. The Korean automaker says a plug that secures a pinion gear to the steering assembly can loosen and cause the gear to separate.
*Ukraine says rebel missile shoots down Boeing 777 with 298 aboard. HRABOVE, Ukraine, July 18- World leaders demanded an international investigation into the shooting down of a Malaysian airliner over eastern Ukraine in which all 298 people on board were killed, a tragedy that could further heighten tensions between Russia and the West.
*Ukraine says rebel missile shoots down Boeing 777 with 298 aboard. HRABOVE, Ukraine, July 18- The United States believes a surface-to-air missile brought down a Malaysian airliner that crashed in eastern Ukraine on Thursday, killing all 298 people on board, an incident that sharply raises the stakes in a conflict between Kiev and pro- Moscow rebels.
SINGAPORE, July 18- Gold climbed on Friday on safe-haven demand after a Malaysian airliner was downed in eastern Ukraine, killing nearly 300 people onboard, escalating geopolitical tensions and pushing down global equity markets.
SEOUL, July 18- U.S. crude oil futures rose in early Asian trade on Friday towards $104 a barrel, after jumping $2 in the previous session on news that a Malaysian airliner was shot down over eastern Ukraine.
July 17- U.S. orthopedics company Stryker Corp on Thursday reported slightly higher second-quarter profit that was in line with Wall Street expectations and said it was always in the market for deals. In the most recent such deal in the medical device sector, Medtronic Inc last month agreed to buy Covidien for $43 billion.
Vice President Joe Biden said on Thursday it appeared that the downing of a Malaysian airliner near the Ukraine- Russia border was not an accident and that the passenger jet apparently was "blown out of the sky." "This is truly a grave situation," Biden said in a speech in Detroit. He spoke by phone to Ukraine President Petro Poroshenko.