Friday March 21, 11:13 AM
Severstal says it will buy ArcelorMittal US plant for 810 mln dlrs
MOSCOW (AFP) - Russian steelmaker Severstal said on Friday it had reached a deal with the biggest world steel group ArcelorMittal (Amsterdam: NSCNL0001MT7.AS - news) to buy one of ArcelorMittal's US plants for 810 million dollars (520 million euros).
The Sparrows Point plant has annual capacity of 3.6 million tonnes, said Severstal, describing the deal as "a strategic opportunity to round out" its existing US operations."
Last year, US authorities required ArcelorMittal to sell the plant as a condition for their clearance of Mittal Steel's acquisition of Arcelor (Paris: LU0140205948 - news) .
A deal to sell Sparrows Point to US companies Esmark and Whelling-Pittsburgh failed at the end of last year when they could not secure financing.
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