PAO Severstal, an integrated steel and mining company, announced that it has invested in Arcanum Alloys, Inc., a Michigan-headquartered company that develops innovative steel-based alloys. Severstal is the lead investor of the round, investing approximately six million dollars in this funding round.
Arcanum Alloys, Inc. has developed a unique technology for the production of surface optimized diffusion alloys. With this platform technology, the company is able to produce a wide variety of products with enhanced properties. Their first product offers aesthetic and corrosion properties equivalent to stainless steel, but with superior formability and at lower operational and capital costs. These products are targeted at customers in the automotive and construction industries as well as manufacturers of household appliances.