Arcelor SA, the world's largest steel maker, announced plans to sell its U.S. stainless steel subsidiary J&L Specialty Steel Inc.
"J&L is in the process of identifying potential buyers," Arcelor spokesman Luc Scheer said, declining to comment further.
Arcelor already indicated in its third-quarter results released last month that the U.S. stainless steel market was deteriorating and J&L was struggling.
J&L Specialty employs about 900 people in two plants located in Midland, Pa. and Louisville, Ohio. Arcelor said last month that it was considering shutting down the Midland furnace.Latest from Recycling Today
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