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

ArcelorMittal Completes Sale of Steel Mill for US$810 Million

May 8 2008

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ArcelorMittal today announced that the Court appointed trustee has completed the previously announced sale of 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.

“ArcelorMittal would like to extend its sincere appreciation to the Sparrows Point employees for their hard work and dedication to their jobs throughout this process,” said Michael Rippey, president and CEO, ArcelorMittal USA

Posted May 8th,2008

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