Steel Dynamics Inc. (Nasdaq: STLD), based in Fort Wayne, Indiana, and AK Steel Corp. (NYSE: AKS), based in Westchester, Ohio, are each buying a unit of Severstal OAO, headquartered in the Cherepovets, Russia.

The deals comes as Ford Motor Co. (NYSE: F) and other automakers choose aluminum over steel. Because aluminum is lighter, it leads to higher fuel efficiency. Ford plans to launch an aluminum F-150 by year's end and other automakers are expected to follow the trend as well. For more, see " The Buyside: Deals Abound as Ford Goes Aluminum."

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