Thursday, September 06, 2007

ArcelorMittal sells American steel plant

The world's largest steelmaker, ArcelorMittal on Thursday said it had received clearance from US anti-trust authorities to sell its Sparrows Point steel mill for USD1.35 billion.
The transaction is expected to close in October, subject to oversight and approval by the recently appointed court trustee, the statement said.
The Europe-based steelmaker was ordered by American anti-trust authorities to divest the plant in Maryland, US earlier this year. The sale was a condition set by the US competition authorities to allow the merger of Mittal Steel and Arcelor.
The plant will be acquired by a joint venture entity sponsored by Esmark Incorporated and Wheeling-Pittsburgh Corp, with participations by industry and institutional investors.
ArcelorMittal will divest the related railway, intellectual property and other assets associated with the Sparrows Point facility as part of the transaction.

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