The transaction, which is subject to customary closing conditions, has an enterprise value of $140m. It is expected to be completed by mid-August this year.
Corsa chairman and Quintana Capital co-founder Corbin Robertson III said: "This acquisition is a perfect match for Corsa’s strategic vision of building a low cost, premium-quality metallurgical coal producer."
"Corsa is now positioned with the asset base and financial flexibility required to capitalize on the company’s ambitious growth plans."
As per the deal, Severstal will receive $60m cash and $20m cash which is currently used as bonding collateral by PBS Coals.
Severstal plans to use the proceeds for general corporate purposes.
Deutsche Bank acted as financial adviser, while Skadden, Arps, Slate, Meagher & Flom provided legal advisory services to Severstal on the deal.
