ArcelorMittal Selling Sparrows Point Mill

ArcelorMittal announces that ArcelorMittal USA has entered into an agreement to sell its Sparrows Point facility and related railroad, intellectual property and other assets to a joint venture entity sponsored by Esmark Inc. and Wheeling-Pittsburgh Corporation, with participation by industry and institutional investors. The facility is located in the Baltimore area. According to industry reports, the other investors in the mill include a European steelmaker and a South African company.

The integrated steel mill is capable of producing close to 4 million tons of steel a year. Products made at the mill include hot-rolled sheets, cold-rolled sheet, galvanized sheet, and other types of steel. Markets served include construction, steel service centers, automotive, container and appliance.

"We have been working closely with the Department of Justice for several months to satisfy the terms of the consent decree and are pleased that this process has reached its conclusion", Aditya Mittal, ArcelorMittal's CFO and head of Flat Carbon Americas, commented.

The sale follows Mittal Steel’s acquisition of Arcelor S.A. At that time Mittal agreed with the United States Department of Justice to divest the Sparrows Point Business. The sale of the Sparrows Point Business remains subject to DOJ approval