The owner and prospective buyer of the Sparrows Point steel mill worked Monday to meet a self-imposed midnight deadline for eliminating hurdles to the sale of the plant near Baltimore, parties involved in the transaction said.
Failure to finalize the deal would not result in an immediate change in the mill's operations, but court-appointed trustee Joseph G. Krauss said it could prompt him to seek another buyer for the mill.
Mittal Steel Co. NV of the Netherlands agreed in August to sell Sparrows Point for $1.35 billion to E2 Acquisition Corp., an international investment group led by steel distributor Esmark Inc. of Chicago Heights, Ill.
The transaction would resolve antitrust concerns raised by the U.S. Justice Department in relation to Mittal's planned $41 billion acquisition of Arcelor SA of Luxembourg, which would create the world's largest steelmaker, ArcelorMittal.
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