Advertisement

HindustanTimes Wed,30 Jul 2014

ArcelorMittal gets US antitrust nod for Thyssenkrupp deal

PTI  New Delhi/Luxembourg, January 30, 2014
First Published: 21:44 IST(30/1/2014) | Last Updated: 21:47 IST(30/1/2014)

ArcelorMittal on Thursday said it has got clearance from the American anti-trust body for acquisition of Thyssenkrupp Steel USA and the deal is likely to be concluded by the second quarter of 2014.

Advertisement

"The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR) terminated on January 29, 2014 with respect to its acquisition, through a 50/50 joint venture with Nippon Steel & Sumitomo Metal Corporation, of ThyssenKrupp Steel USA," ArcelorMittal said in a statement.

The termination of the HSR waiting period satisfies one of the conditions to the closing of the acquisition, it said.

"Subject to the satisfaction of other customary conditions (including the receipt of additional regulatory approvals), the acquisition is expected to close later in the first quarter of 2014 or in the second quarter of 2014," it added.

ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation have formed a joint venture and will finance the deal through equity and debt.

Last month, ArcelorMittal Chairman and CEO Lakshmi N Mittal had said the acquisition of ThyssenKrupp AG's (TKAG) steel mill in the United States for $1.5 billion would help the firm to cash in on the growing demand for auto-grade steel in North American Free Trade Agreement (NAFTA) region.

The plant at Calvert, Alabama, has a capacity of 5.3 mtpa. Thyssenkrupp is Germany's largest steel maker.

ArcelorMittal is the world's leading steel and mining company with presence in more than 60 countries.


Advertisement
more from Business

Take that Flipkart: Amazon to invest $2 billion more in India

Amazon.com Inc will invest an added $2 billion in India as the e-commerce giant ramps up business in the country, the company said on Wednesday, a day after local rival Flipkart announced a fresh round of funding worth $1 billion.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved