More changes could be coming to the city of Follansbee, as just days after it was announced that the Koppers Plant could be moving, an Ohio-based steel company has announced it has signed an agreement to purchase a major employer for the city.

A $700 million agreement has been signed between AK Steel and Severstal North America to purchase Mountain State Carbon, along with steel plants in Michigan.

The agreement was announced Monday by AK Steel and will allow the company to grow its business profitability and better serve its customers by strengthening its carbon steel making footprint, according to James L. Wainscott, Chairman, President and CEO of AK Steel.

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