Posted in | News | Ferrous Alloys and Metals | Business | Iron and Steel

ArcelorMittal Sells Off Steel Mill For US$810 Million Net of Debt

Mar 30 2008

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ArcelorMittal today confirms that the Court appointed divestiture trustee has entered into an agreement to sell ArcelorMittal's Sparrows Point steel mill to OAO Severstal for US$810 million, net of debt.

Joseph G. Krauss, the divestiture trustee, was required to seek the sale of the mill by a consent decree entered on May 23, 2007 in the United States District Court for the District of Columbia in order to comply with an anti-trust ruling concerning the approval of the merger between Mittal Steel and Arcelor SA in 2006.

Sparrows Point had EBITDA of US$25 million in 2007.

The sale is subject to customary closing conditions, including approval by the United States Department of Justice, and is expected to close in the second quarter of 2008.

Posted March 29th,2008

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