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Sunday, Dec 08, 2019

ArcelorMittal sells off US steel mill

The world's largest steel group ArcelorMittal said on Saturday it has finalised the $810 million sale of a plant in the United States to Russian steelmaker Severstal.

business Updated: May 11, 2008 03:05 IST

AFP
Hindustantimes
         

The world's largest steel group ArcelorMittal said on Saturday it has finalised the $810 million sale of a plant in the United States to Russian steelmaker Severstal.

It was ordered to dispose of the Sparrows Point plant in Baltimore, Maryland, by US authorities as a condition for their clearance of Mittal Steel's acquisition of Arcelor last year.

A deal to sell Sparrows Point to US companies Esmark and Whelling-Pittsburgh failed at the end of last year when financing fell through.

ArcelorMittal has lodged a complaint with the New York state supreme court, seeking more than $540 million in compensation over an August 2007 agreement to sell for $1.35 billion.

The facility, with more than 3,000 employees, has an annual capacity of 3.