Arcelor to sell Ugitech steel business to Schmolz

Arcelor, target of a $25.3 billion takeover bid from Mittal Steel, said it would sell its Ugitech unit to Schmolz Bickenbach Group.

Arcelor, target of a $25.3 billion takeover bid from Mittal Steel, said it would sell its Ugitech unit to Schmolz Bickenbach Group.

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The deal is subject to approval by antitrust authorities, Luxembourg-based Arcelor said in a statement on Thursday. Arcelor didn't announce a price.

Ugitech makes long stainless steel products. Smith Bickenbach, based in Dusseldorf, Germany, produces and processes steel, including bars and coil materials.

Ugitech had 630 million euros in sales in 2005, Arcelor said.